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The 10-Point: My Guide to the Day's Top News

The Wall Street Journal
Good morning,
Here We are Again
The Dow Jones Industrial Average closed above 18000 for the first time since July yesterday, a milestone that reflects how the outlook for markets has boomeranged since stocks tumbled at the start of the year. The Dow has gained 15% since its 2016 low on Feb. 11, as fears about the U.S. economy have faded, oil prices have partially recovered and the Federal Reserve has signaled a cautious approach to raising interest rates. Some investors say the rally highlights expectations that slowing global growth won’t end up tipping the U.S. economy into a recession. Still, it hasn’t been an easy rally for the blue-chip index. The Dow industrials had fallen 10% by mid-February and traders say the same fundamental concerns still persist. Global growth is sluggish and corporate earnings are contracting. Crude-oil prices, although they have rebounded, are still low amid a glut of supply.
New York Groove
With New Yorkers heading to the polls today and balloting in five Eastern states next Tuesday, both parties face intense pressure to explain why the outcome of primary elections may be overtaken by party rules that give outsize powers to party leaders and delegates. Though voter turnout is at a record pace in the Republican primaries, the decision about who will be the ultimate nominee is increasingly likely to rest with fewer than 2,500 party insiders. Meanwhile, the damage inflicted on Hillary Clinton by Sen. Bernie Sanders’ attacks is starting to matter, writes our Washington bureau chief Gerald F. Seib. Mr. Sanders for the first time is close to tying Mrs. Clinton in a poll of Democratic voters nationwide, though the former secretary of state maintains a solid lead in New York. On the Republican side, polls show Donald Trump within reach of winning all 95 of New York’s delegates.
Blood Pressure
U.S. federal prosecutors have launched a criminal investigation into whether Theranos misled investors about the state of its technology and operations. Walgreens and the New York State Department of Health have received subpoenas in recent weeks seeking documents and testimony about representations made to them by the Palo Alto, Calif., blood-testing company. Walgreens has been Theranos’s main conduit to consumers since the companies announced a partnership in 2013 that now includes 40 Theranos wellness centers at drugstores in Arizona. The New York agency received an application from Theranos for a laboratory license in the state that was never obtained. Investigators are also examining whether Theranos misled government officials, which can be a crime under federal law. And in addition to the criminal probe, the Securities and Exchange Commission is examining whether Theranos made deceptive statements to investors when it solicited funding.
I’ll Be There for You
A body of research shows that people with solid friendships live healthier, longer lives. Friendship decreases blood pressure and stress, reduces the risk of depression and increases longevity. But starting in early adulthood, our number of friends starts to decrease steadily. Changes in friendships typically happen around life transitions: graduation, parenthood, job switches, divorce or death of a spouse. Our Bonds columnist Elizabeth Bernstein reports on strategies to reverse the tide, such as following your interests and making time to see new friends on a consistent basis. And in other health news, we take a look at the right way to wash your hands and the increasing popularity of ‘microworkouts,’ which people are embracing to squeeze in a bit of movement, break up the workday or even substitute for much longer exercise sessions.
TODAY'S VIDEO
Homegrown Tech
That Was Painless
North America’s farmers, many of them self-taught, are creating their own technology revolution, building robotic equipment, satellite-navigation networks and mobile apps designed to make their operations more efficient.
TOP STORIES
U.S.

Supreme Court Justices Appear Split on Immigration Case

Floods Shut Down Most of Houston, With More Than 1,000 Rescued
WORLD

Saudis Mix Politics and Oil Policy

Israel Discovers First Tunnel Built By Hamas Since 2014
BUSINESS

Netflix Drops on Weak-Growth Forecast

EU’s Google Probe Focuses on Preloaded Apps
MARKETS

Banks Clear a Lowered Bar

The Chips Are Down for Intel
NUMBER OF THE DAY
$681 million
Money deposited into the personal AmBank account of Malaysia Prime Minister Najib Razak around March 2013, according to documents seen by the Journal. Investigators believe it represents a portion of the sum diverted from Malaysian state fund 1MDB over several years. Before the transfers, financier Jho Low sent a message to a bank employee that “681 American pies” would soon be arriving from overseas.
QUOTE OF THE DAY
We’ve seen the government helping in other areas, but it hasn’t made it to our neighborhood yet…You feel really insecure without light, and also because there have been aftershocks.
Portoviejo resident Richard Peñafiel on the response to the earthquake in Ecuador on Saturday. A wall in his wooden house collapsed during the quake and he hasn’t felt safe since because of a lack of electricity.
TODAY'S QUESTION
Going back to our story above, what are your thoughts on federal prosecutors launching a criminal investigation of Theranos? Send your comments, which we may edit before publication, to 10point@wsj.com. Please include your name and location.
—Compiled by Margaret Rawson
READER RESPONSE
Responding to yesterday’s question on the presidential front-runners of both parties growing increasingly unpopular, Bob Jones of New Jersey wrote: “There is clearly a problem with the candidate selection process when the two least popular candidates lead their respective parties. The problem is the two-party duopoly on power—the only way to get elected is to run as a Republican or Democrat, which means appealing to increasingly polarized party bases. We need open, unaffiliated primaries, where anyone can run.” William Tolles of Virginia shared: “Presidential candidates campaign in part by denigrating opposition candidates. The longer a campaign continues, the greater the opportunity to make the opposition look bad. When it comes time for a vote, it’s likely to be for the candidate who will do the least damage rather than a vote for the most qualified.” And Jan Rogers Kniffen of Connecticut commented: “The two front-runners are becoming increasingly unpopular? I follow politics closely and they were both always unpopular with me.”
This daily briefing is named "The 10-Point" after the nickname conferred by the editors of The Wall Street Journal on the lead column of the legendary "What's News" digest of top stories. Technically, "10-point" referred to the size of the typeface. The type is smaller now but the name lives on.
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Copyright 2016 Dow Jones & Company, Inc. All Rights Reserved.   

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