CNN 2008-10-14

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Glad you with us everyone I'm Catherine Callaway at the CNN center in Atlanta. We take a look at what's happening NOW IN THE NEWS.

We are following a story out of Magnolia, Texas that we have seen develop  throughout till the last hour. It is where a news helicopter from our Houston affiliate¹ KTRK has gone down in a heavily wooded area there. The Montgomery County sheriff's offices has confirmed for us that the pilot and the photographer on board did not survive this crash. The crew was heading to a scene of shooting at the time, but there is no word yet on what may have caused the helicopter to go down. 

A strong start to the week for investors² around the world and the US stocks on Wall Street surge this morning the Dow gain more than 400 points in the first few minutes. Stocks also performed well overseas Hong Kong closed up 10 percent. European markets are trading in positive territory this afternoon. 

The US has removed North Korea from its list of countries that it says sponsors terrorism. And in return North Korea agrees to dismantle³ its nuclear program and reveal its nuclear secrets. It will allow inspections⁴ of its nuclear sites. Critics say the decision rewards North Korea's bad behavior. Even with these new developments North Korea  still subject to sanctions for things like human rights violations⁵ and for a testing nuclear device.

Wells Fargo and Wachovia now have the go-ahead on their merger⁶ with the blessing⁷ of the Federal Reserve Board. Citigroup had been competing with Wells Fargo for the right to buy Wachovia, but it gave up last week. Wachovia says for now the deal will not bring any changes to customer accounts services, the buyout must still be approved by Wells Fargo shareholders⁸.

Good news for anyone travelling, this Columbus Day, AAA reporting the new national average for gasoline way down to $3.21 a gallon. It is the 26th day in a row that gas prices have dropped. 

And those are the headlines for you right now. Stay with CNN for more on these stories and other news of the day.