Photo: Chip Somodevilla/Getty Images

President Trump signed an executive order on Friday directing a review of a mandate prompting retirees to start taking money out of 401(k) plans when they are 70-and-a-half years old.

Why it matters: If the age requirement is scrapped, retirees in theory could keep more money in tax-sheltered savings plans for a longer period of time, the Wall Street Journal reports. Multiple employer retirement plans would trim the costs for small businesses, but some critics say not many businesses would participate. The order also asks the government to consider regulations that would allow small businesses to "team up" in offering retirement plans to employees.

Editor's note: This story has been updated to reflect that President Trump signed the executive order.

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Stocks close down more than 3%

Photo: Alexi Rosenfeld via Getty Images

Stocks took a hit on Wednesday, with the S&P 500, Dow Jones Industrials Average and Nasdaq dropping more than 3% across the board.

Why it matters: The volatility is a break from the stock market grinding higher in the face of spiking coronavirus cases, a stalling economy and gridlocked negotiations over an additional stimulus package.

Zeta, now a Category 2 Hurricane, closes in on Louisiana coast

The probable path of Zeta, per the National Hurricane Center. Photo: NHC/NOAA

Zeta strengthened on Wednesday afternoon, on track to make landfall along the southeastern coast of Louisiana by the afternoon as a "significant" Category 2 hurricane, per the National Hurricane Center.

The state of play: Zeta is producing 100-mph maximum sustained winds and stronger gusts. The storm is gaining strength as it heads northeastward at 20 mph. Louisiana Gov. John Bel Edwards (D) requested a pre-landfall Emergency Declaration in a letter to President Trump on Tuesday.