| Mar 22, 2018 | 4:04 PM EDT
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Closing Bell

U.S. markets experienced a bloodbath Thursday as fears of a looming trade war send the Dow into correction territory, falling more than 700 points on the day.

The Dow Jones Industrial Average fell 2.93%, or 723 points to 23,959, while the Nasdaq declined 2.43%, or 179 points, to 7,167 and the S&P 500 fell 2.5%, or 68 points, to 2,643. 

YouTube Bans Gan ads

YouTube is banning videos about selling and making firearms, ammunition and accessories. The new ban comes after the Google (GOOGL)  -owned company baned videos about how to convert firearms to make them fire more quickly. 

The new restrictions are set to take effect in April. 

"We routinely make updates and adjustments to our enforcement guidelines across all of our policies," YouTube said in a statement to USA TODAY. "While we've long prohibited the sale of firearms, we recently notified creators of updates we will be making around content promoting the sale or manufacture of firearms and their accessories, specifically, items like ammunition, gatling triggers, and drop-in auto sears."

Citigroup to Require Companies it Does Busines With to Adopt Gun Sale Restrictions

If you are a business banking with Citigroup (C) and selling guns there are new restrictions on who you can seel to.

The bank is now requiring its partners to raise the minimum purchase age to 21, stop selling bump stocks or high-capacity magazines and persons who have not gone through a background check.

"We have already begun to engage with them in the hope that they will adopt these best practices over the coming months," the bank's memo reads. "If they opt not to, we will respect their decision and work with them to transition their business away from Citi."

Best Buy to Cease Selling Huawei Phones

Chinese cellphone maker Huawei has lost Best Buy (BBY) as a retail partner as the retailer plans to stop selling the company's products in the coming weeks, a source told the CNET. 

Huawei is the world's third-largest smartphone vendor by units shipped, but it has been attempting to penetrate the U.S. market where it currently ranks 14th in market share. 

However, a 2012 Congressional report saying that the company's phones present a security risk has hurt those efforts. 

The U.S. intelligence community also recently came out against the phones as well as those made by Chinese rival ZTE Corp. 

Big 3 Banks See $2.4 Trillion in New Deposits Since Financial Crisis

Americans responded to the financial crisis of 2008 by adding $2.4 trillion in new deposits at the biggest three U.S. banks, an increase of 180%, according to an analysis of data by the Wall Street Journal. 

JPMorgan Chase (JPM) , Bank of America (BAC) and Wells Fargo (WFC) were the beneficiaries of the depositing increase. 

The irony is that the question coming out of the crisis was whether the American financial system was concentrated in the hands of the too few, "too big to fail." It seems Americans responded to the question by concentrating even more wealth in those too few hands. 

White House to Introduce Tariffs on $50 Billion in Chinese Imports Thursday

The Trump administration is firing the next salvo in a burgeoning trade war with the Wall Street Journal reporting that the White House will announce a plan to tax up to $50 billion in Chinese imports.

President Trump will reportedly make the announcement at 12:30 PM ET Thursday. 

The administration has previously said that the tariffs would apply to about $30 billion in Chinese imports, citing a report that estimated the economic harm from improper technology transfers to Chinese firms at $30 billion annually. 

Steve Wynn Begins Unloading Wynn Resorts Stake

Former Wynn Resorts  (WYNN) CEO Steve Wynn sold 4.1 million shares of his 12.1 million share stake in the company, according to an SEC filing. 

Wynn sold the shares for $180 a pop, netting him about $739 million. 

Wynn was ousted from the company he helped found earlier this year following a report in the Wall Street Journal detailing allegations of sexual misconduct from women who worked for his company. 

Wynn has called the allegations "preposterous."

Jobless Claims Unexpectedly Climbed Last Week

U.S. jobless claims rose by 3,000 to 229,000 last week, defying economists expectations of a 1,000 claim decline to 225,000. 

Initial jobless claims are at their lowest levels since 1970 and the number of people collecting benefits has fallen to a 45-year low. 

The number of Americans already collecting unemployment benefits fell by 57,000 to 1.83 million, the lowest level it has been since December 1973. 

Meridith Corp. Plans Further Job Cuts at Time Inc.

Meridith Corp. plans to lay off another 1,000 staffers at Time Inc. over the next 10 months in addition to the 200 that were laid off this week. The majority of staffers affected were in the legal, finance and consumer marketing segments of the company. 

Meridith said that it expects the layoffs to save between $400 million and $500 million over the next two years. 

The company also said that it is exploring the possible sale of Time Inc., which includes Time Magazine, Sports Illustrated, Fortune and Money magazines. 

MGA Entertainment Head Hatches $1 Billion Plan to Save Toys R Us

Isaac Larian, CEO of MGA Entertainment, the world's largest privately owned toy company, has announced intentions to secure about $1 billion in funding to purchase the now defunct Toys R Us and keep the iconic American toy store open. 

Larian says that he along with other investors have already pledged a total of $200 million. The bid would be for up to 400 stores being liquidated in the company's bankruptcy. Toys R Us is closing 735 stores as part of its liquidation. 

Any bid would have to first be approved by the bankruptcy judge overseeing the case. Also securing the needed financing may be a long shot. 


U.S. futures were falling across the board Thursday, threatening to further deepen losses from the previous session.

Dow futures were down 0.66%, indicating an open 163 points lower while Nasdaq futures fell 1%, indicating an open 69 points lower and S&P futures fell 0.61%, indicating an open 17 points lower. 

Asian markets were mixed with the Nikkei being the lone index to close the day in the green, rising 0.99%. The Hang Seng and Shanghai Composite fell 1.09% and 0.53% respectively. 

In Europe, the CAC 40 fell 1.1%, the DAX dropped 1.11% and the FTSE 100 declined 0.72% with about 5 hours left in trading across the Atlantic. 

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