NPR 2011-08-20

 We're seeing a seesaw 1 effect on Wall Street, where the market turned higher at late morning before moving downward again by mid-afternoon. And this on a day that's seen big losses overseas. Major European share markets closed lower today, capping a turbulent week. Investors 2 are still worried about Europe's debt crisis, and the US's ability to get its economy out of the doldrums. Jim Paulson, chief investment strategist at Wells Capital Management, says it's a matter of how investors deal with fear.

 
"Realistically, what we're dealing 3 with here is fear. Gonna rule over the economic fundamentals in the next few weeks, or are the fundamentals gonna stay strong enough that they eventually will extinguish fear?"
 
Before the close, the Dow was down 180 points or 1.6% at 10,811; NASDAQ down 1.6% at 2,342; S&P 500 down 1.5% at 1,123. Adding to anxiety over employment in the US, Bank of America, the nation's largest bank, is cutting more jobs. It's already laid off some 2,500 employees this year. Now NPR's Giles Snyder reports about 3,500 others are losing their jobs.
 
Bank of America says the affected 4 employees are being notified, and that it expects to complete the cuts by the end of September. The layoffs 5 are the latest in a series across the global financial industry. Many banks are under pressure to improve returns to investors amid the weak economy. Bank of America's share prices have fallen by nearly half so far this year. These latest cuts may not be all published. Reports suggest job losses of Bank of America might exceed 10,000 or about 3.5% of the company's current work force. Giles Snyder, NPR News, Washington.
 
Three men convicted of killing 6 Cub 7 Scouts 8 in Arkansas are walking free after 18 years in jail. From member station WKNO, Candice Ludlow reports the so-called West Memphis Three are admitting guilt 9 in exchange for their freedom.
 
Damien Echols, Jessie Misskelley and Jason Baldwin all pleaded guilty to first-degree murder charges today and will be released immediately with credit for time served and 10-year suspended sentences. The plea agreement is based upon a rarely used North Carolina law. That allows them to plead guilty while maintaining their innocence 10. Arkansas prosecutor 11 Scott Ellington says they have enough evidence to convict the three men but "because of the death of witnesses, different witnesses have changed their minds, evidence has just gotten stale, there was not DNA 12 at the time used by the West Memphis Police Department at the degree yesterday." Ellington said they believe the judge is going to order a new trial. Part of the deal is they may not sue the state of Arkansas. For NPR News, I'm Candice Ludlow in Memphis.
 
The Dow was down now 170 points; it's at 10,818. 
 
This is NPR.
 
Syria's facing more sanctions for its ongoing 13 crackdown on political dissent 14. The European Union plans to embargo 15 oil imports as Europe and the US pressure Syrian leader Bashar al-Assad to resign. His regime faces similar pressure from within. Across Syria, more anti-government demonstrations 16 and activists 17 are reporting at least 20 more deaths at the hands of Syrian troops under orders to put an end to the five-month-old uprising.
 
The prime minister of Turkey is in Somalia, along with several members of his cabinet. NPR's Ofeibea Quist-Arcton says that they're there to lend support to a nation ravaged 18 by conflict and famine.
 
Recep Tayyip Erdogan is the most senior Turkish official to visit Somalia in 20 years. Turkey says he's there to show solidarity 19 with suffering Somalis. The prime minister's program in Mogadishu includes witnessing the distribution of Turkish aid and opening a camp and field hospital run by the Turkish Red Crescent. Turkey this week hosted an Islamic summit which pledged 350 million dollars in aid for Somalia and promised to highlight the need for more urgent famine relief. Turkey alone says it has raised 150 million dollars. Ofeibea Quist-Arcton, NPR News, Dakar.
 
Thousands of foreigners trapped in the Libyan capital while rebels events are expected to be evacuated 20 in the coming days. That's the word from the International Organization of Migration 21, which is appealing for more donations to help pay for the evacuation. An IOM spokesperson says a large group of journalists who're also stranded 22 in Tirpoli are also asking for help.