May 26, 2019

Utah judge suspended over Trump comments he made online and in court

President Trump. Photo: Mandel Ngan/AFP/Getty Images

A Utah judge has been suspended without pay for 6 months for remarks he made about President Trump in court and online, which he said were intended to be funny, not rude.

The Utah Supreme Court ruled Thursday Judge Michael Kwan had violated the code of conduct several times. The court ruling states: "It is an immutable and universal rule that judges are not as funny as they think they are."

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Wall Street notches worst week for stocks since 2008

Traders work on the floor of the New York Stock Exchange. Photo: Scott Heins/Getty Images

Stocks closed down about 1% on Friday, ending the worst week for Wall Street since the financial crisis.

Why it matters: The stretch of declines came after a spike in coronavirus cases around the world earlier this week. The steep losses prompted questions about the fate of the record-long economic expansion, as well as a rare statement from the Federal Reserve.

Go deeper: The growing coronavirus recession threat

Federal Reserve: Coronavirus poses "evolving risk" to the economy

Federal Reserve chairman Jerome Powell. Photo: Sarah Silbiger/Getty Images

Federal Reserve chairman Jerome Powell took the rare move Friday of issuing a statement meant to reassure investors, one that opened the door to a possible interest rate cut.

Why it matters: The Fed rarely issues statements like this outside of policy meetings and scheduled public appearances. It came as the stock market continues its steep decline this week. Stocks briefly pared some losses after the 2:30 p.m. EST statement came out.