AP NEWS 2008-01-311. The Fed continues to drop interest rates, cutting short-term rates by a half point, moving to combat an economic slowdown and weakness in financial markets. This follows last week's dramatic rate drop. And more cuts may be coming.

2. John Edwards is giving up his pursuit of the Oval Office. He dropped out of the race in New Orleans. And he's confident a Democrat can take back the White House. He stopped short of endorsing Hillary Clinton or Barack Obama.

3. A blast of winter is hitting the Northeast after leaving the Midwest, sending temperatures diving, blinding drivers with snow and icing roads. So far, five deaths are blamed on the storm.

4. In suburban Chicago, a man moves off this busy commuter rail line just in time before a train collides with his minivan. Then a second train finishes off the vehicle, sending it on fire. The man was cited for drunk driving.