Into searing fiction. Woodruff and, migrants from the middle east and north africa push to enter europe thousands march into serbia after borders reopen. All that and more on tonights pbs newshour. Major funding for the pbs newshour has been provided by moving our economy for 160 years. Bnsf, the engine that connects us. And with the ongoing support of these institutions and individuals. This program was made possible by the corporation for public broadcasting. And by contributions to your pbs station from viewers like you. Thank you. Woodruff they cheered the closing bell on wall street today, out of relief that the day was over. The major u. S. Indexes fell 3. 5 4 , driven by market chaos in china. The Dow Jones Industrial average lost 588 points to close near 15,870. The nasdaq fell nearly 180 points, and the s p 500 dropped 77. U. S. Oil prices also dropped sharply again, closing near 38 a barrel. Well take you through this dizzying day after the news summary. North and south korea pulled back today from the brink of armed conflict. After three days of highlevel talks, the north expressed regret for a land mine blast that killed two south korean soldiers. In turn, the south announced it would halt propaganda broadcasts near the border. The two sides had a brief artillery duel last week. Three americans were awarded frances highest honor today, for stopping a gunman on a train bound for paris. U. S. Airman spencer stone, National GuardsmanAlek Skarlatos and their friend, Anthony Sadler tackled the man friday night. Today, in paris, president Francois Hollande pinned the legion of honor medals on them and on a british man. He said they prevented a veritable carnage. translated in the name of france, i want to thank you for what you did. Since friday, the entire world admires your courage, your calm under pressure, your spirit of responsibility. This solidarity allowed you to with bare hands, your bare hands, subdue a heavily armed man and ready to do anything. Your heroism must be an example for all, and a source of inspiration. Woodruff the suspect, a moroccan man named ayoub el khazzani, remains in custody. His lawyer says he only intended to rob the train, and not to kill the passengers. The president of turkey, recip tayyip erdogan, today called for new elections after talks on forming a governing coalition failed. The vote could come on november first. Erdogans a. K. Party has held power since 2002, but it lost its majority in elections in june. That left turkey in a kind of political limbo, as it battles both kurdish rebels and Islamic State militants. And in syria, theres word that Islamic State forces have blown up a romanera temple, their latest such attack. Syrias antiquities chief says it happened sunday in the city of palmyra. U. N. Officials condemned the destruction. Krishnan gurumurthy of independent Television News has a report. The ancient city of palmyra is one of the worlds most important sull chiewrl sites and the temple of baal shamin was one of its most well known buildings,nr dating back to 2,00 years, following the world renowned curator, khaled alasaad. The 81yearold refused to reveal where some to have the treasures were hidden for safekeeping. Heaves beheaded in the square before his body was hung on display. I. S. I. S. Occupied palmyra in may. They toppled statutes and destroyed artifact in. March, they destroyed nimrud and the ruins. Woodruff Islamic State militants have defended their attack on ancient ruins, saying they promote idolatry. Meanwhile, in lebanon, a garbage crisis turned into violent clashes overnight in beirut. Dozens of police and protesters were hurt when antigovernment protests devolved into chaos. With that, the army took up positions around the capital. Initially, the demonstrations were over trash that had piled up for weeks. Now, the crowds are calling for the government to resign. Back in this country, a giant group of fires in Washington State is now the largest in the states history. The socalled okanogan complex had burned across more than 400 square miles by today. And, despite some gains over the weekend, the fires are just 10 contained. We do continue to make progress but again, as i said earlier, with these fires, the only way to deal with them is like eating an elephant, one bite at a time. We have a lot left to eat. Woodruff with resources stretched thin, officials have called on more than 4,000 volunteers. And, fire crews from australia and new zealand will be joining the fight. General motors fund to compensate victims of faulty ignition switches has rejected 91 of the claims. A spokeswoman said today about 400 claims were approved. She said others had no clear connection to the switch problem. Families with successful claims will receive at least 1 million. President obama is taking new steps aimed at making it easier for people to invest in Renewable Energy. The executive actions and other initiatives are part of an effort to cut Carbon Dioxide emissions by up to 28 over the next decade. They include financial incentives for households to install solar panels and new funding for Renewable Energy research. Still to come on the newshour investors panic causing drastic dips in stock prices. More than 10,000 migrants pass through macedonia and serbia on their way to europe. And much more. Woodruff the markets plunged early today, and late. Investors were on a wild ride, not just here, but globally. Trillions of dollars of value have been wiped out in the past few weeks. The swings of this day, like several others, started in asia. It began with a stunning sell off in china, where the Main Financial index plunged 8. 5 . How can markets drop everyday like this . What we earned is all taken away by the market. Woodruff the rout rippled across europe, sending the french and german markets down about 5 . And, from there. The dow is down 1,000 points. Woodruff the opening bell on wall street triggered a frenzy of selling. Iiii. This is. I gotta make some phone calls. Woodruff the market spent the next hours clawing its way back, as the white house urged calm. But what i would encourage people to evaluate is the ongoing strength and resilience of the u. S. Economy. Woodruff in the end, though, the losses deepened again. The dow is now down almost 11 so far this year. Lets try to get some further intelligence and analysis into whats happening, and why the markets are so volatile of late. Mohamed elerian is chief economic adviser at allianz, a multinational Financial Services company, and a columnist for bloomberg view. And, David Lampton is director of the China Studies Program at Johns Hopkins universitys school of advanced international studies. We welcome you both. Mohamed a. Elerian, let me start with you. So the dow was down 1,000 last week, almost another 600 today. What is driving this . Two things the market is trying to get to terms with, first, lower Global Growth, particularly out of emerging markets and china and, second, the market is worried the Central Banks have run out of ammunition. So put these two things together, and then investors are repricing the market lower. Once you start moving lower, then the trigger of all sorts of things. People have to sell so they sell to winners and losers, theyre just trying to raise cash. Then you get spreading melee throughout the growing market. Thats what we have. Woodruff havent investors known china was in trouble and had time to get prepared for this . You always think markets will get prepared burks people like staying in the trade. Why . Because, for years, now, we have been able to sustain prices well above fundamentals because Central Banks have been the markets best friends, so markets have started to rely on Central Banks always coming in. This is different. Its not something out of greece and europe where the European Central bank can intervene, its not concerns about the fed or economy, its concerns about emerging markets and investors have less faith that the Central Banks of the u. S. And europe are going to be able to intervene. Woodruff so David Lampton, lets talk about whats going on in china. We have been watching ups and downs over there. What else happening . People are used to seeing the government of china control everything. Whats happened now . I think you have a number of things. First of all, the Chinese Market has had an most unbelievable year, and its gone up 130 on one exchange, 170 on another, over 200 on another, and so, common sense, ultimately, is going to prevail, pricing ratios are anywhere from 32 to 80, where it might be 13 to 16 in the u. S. So i think the Chinese Market was just unbelievably overpriced. Secondly, bad numbers started coming into the chinese, exports and imports dropped 8 in july. This not only panicked chinese exporters and people in the import business, bull, also, china is the biggest trade partner for many countries in asia. So i think china has bricked the bubble. Also, i think there is something very fundamental going on politically and that is in the last couple of years, all weve shown about the new leader xi jinping is how strong a leader he is, and i think people are beginning to see that governing china in the 21st century is different than 40 years ago, and i think theyre beginning to ask how capable is this leadership with dealing with a much more integrated, independent economy . And part of this, i think, is a reduction in somewhat in confidence in the leadership. Woodruff mohamed a. Elerian, if thats the kind of uncertainty about whats happened in china and what the leeped is capable of, what does that mean investors should think . Does that mean well see even more volatility in the days to come . Well certainly see more volatility because the market has to address to a new paradigm, a new reality, and its doing this with leslie quiddity less liquidity. It has less wild swings. During the day we traveled back and forth 5,000 points on the dow, thats an enormous distance to travel in one day. The reason why is there isnt enough liquidity. Every time a buyer comes in to rally, the sellers go the other way, and i think that type of volatility will continue until the market finds its footing. Woodruff does it Say Something about the underlying strength of the u. S. Economy . So the biggest threat, and i think its a risk scenario, not a baseline, is that the spillover from weak, Global Growth to the market then spills back to the u. S. Why . Because people get more cautious, they worry about their 401k, they spend less. Thats the big risk. I dont think its going to happen just yet, but the u. S. Has to cope with a slower Global Economy. Well be selling less goods to china and other american countries. Its not just china, judy. Its china, brazil, indonesia, turkey, russia. There is a generalized slowdown in the emerging world. Woodruff to the extent china is a factor, David Lampton, how are we to understand that . Whos pulling the strings and making decisions . What should we be looking for out of china . Well, i think one of the problems is the current leader xi jinping actually centralized policy to a rather extensive degree. Whereas before when we wanted to know what was going on in the chinese economy we might talk to the premier, there were people we talked to in whom we had confidence. Now hes putting in a new team. Were not sure who they are in the economic realm, we know more the actors in the political realm, but in general i would say the chinese leadership is less transparent, we have less confidence how theyre making decisions and their initial response to the dramatic fall last week in the stock market because really quite reversion back to the kind of planned economy measures you would see. So they seemed to have an impulse towards reform, but when things get tough, they fall back on the more planned economy, nonmarket features that they have. So nontransparency and inconsistent policy, i would say, is the fundamental problem. Woodruff if thats the case in china, mohamed a. Elerian, how are investors everywhere to read that . So they worry about corporate profits, they worry about the ability of companies to continue to buy back their stock, and they reprice the market. And this is an issue, judy, related to the fundamental aspect, which is, for years, now, markets have been valued well above whats warranted by fundamentals, and by that i mean whats warranted by the ability of the Global Economy to grow. Prices have been up here. The Economic Conditions have been down here, and the difference has been th has beene liquidity injected by Central Banks and now were getting conversion of prices back about what would be in those conditions. Woodruff there has been all the expectation the Federal Reserve will raise Interest Rates starting in september. How does all this affect that . I think it means that its very unlikely that the fed will raise Interest Rates in september. Its a very big risk to take right now to fuel financial instability further. So they will wait. By december, there will be clarity on one of two things has this financial instability really impacted Consumer Spending and, therefore, caused a head wind to the economy . Or alternatively, lets not forget that part of the selloff is in the commodity complex, pushing Interest Rates lower on government deals. So the other side of this is that the economy benefits from Lower Oil Prices and lower Interest Rates. So the question is still on the table because of this competing force in the u. S. Economy, but i in isnt it is highly unlikely in september i think its unlikely the fed will raise Interest Rates r. You looking for stability in the economy . On this day of such volatility, its wise to remindi ourselves there are positive fundamentals in the chinese economy. They have another 3 Million People to urbanize. Wages are going up and people are getting employed and, so, the chinese economy hasnt had a meltdown as severe as todays numbers might suggest. Woodruff so keep looking for the positive. Yeah. Woodruff David Lampton, mohamed a. Elerian, we thank you both. Woodruff following last weeks tear gassing of migrants at the greek border, macedonian authorities have begun allowing those seeking safety to pass through the country again as they travel north to serbia and beyond. Lindsey hilsum of independent Television News caught up with a group of migrants on that journey and reports on their stories as they rode the rails. Reporter night falls, but they keep on walking. Only a few more yards and theyll have left greece behind. Theyll be in macedonia. By morning theyre still walking. Word has traveled back down the line go to gevgelija station. Some have spent the night here. Theyve seen worse places on their odyssey. Its dirty, but they do their best. The macedonians have managed to put order into chaos, despite the swelling numbers. Syrians and others with small children are given priority. Extra trains have been laid on to take them to the next border with serbia. Its 110 miles away. A fourhour journey, easy compared to what theyve been through before. Theyve paid 10 euros per ticket, like any other passenger. Where are you from . From syria . From which place . From aleppo and afrin. Reporter the u. N. High commission for refugees says 7,000 traveled to serbia this past weekend. Many people on this train are going from syria to germany, so theyre about half way through their journey and this is the point where theyre full of hope. Theyre on the move, they think theyve left the worst behind them. Germany has said itll take 800,000 people this year. Thats a lot, but there are many more trains behind this one. They cant take everyone and there are thousands more people on the way. Some are fleeing aleppo and bashar al assad, others raqqa and daesh, the Islamic State. What difference does it make . Hard situation in syria. No power, no water, no internet, no any help for us. We cant stay in syria. Bashar al assad attack us every day. Morning, everytime. Our baby so afraid from flight sound. Reporter of the bombs . The bombs and guns, every day, every day so we left. translated daesh beheading, they cut off hands for any reason. Theyll always find an excuse to kill any human being. They have no problem in killing even children. Young children have been slaughtered, flogged, even women. Daesh has no mercy at all. They have nothing to do with religion or islam or humanity. Reporter its the sleep of total exhaustion, born of weeks on the road and years of war. Dreaming, maybe, of the way life used to be, before the bombs and the men in black masks, when you could live and work and bring up your children in syria. Dreaming of the way life could yet be if germany makes good on its promise or austria lets them in. Not every traveler is from syria. Vidas here with her brother. She presented a Tv Sports Program back home in afghanistan until the Death Threats from those who hate women became too much. One day i saw very, very bad things. They came and fight, even they want to kill me with knife. Im just on a transit. Th