Los Angeles wildfires subside, thousands remain displaced

Ferocious winds and flames that led to chaotic evacuations have calmed somewhat and are not expected to be as powerful during the day. This will enable firefighters to make significant strides in containing the blazes that have rapidly spread across the region.

Fires burning in and around Los Angeles have claimed the homes of numerous celebrities and thousands of residents have been displaced.

Three awards ceremonies planned for this weekend have been postponed, as well as sports games across various leagues.

J.P. Morgan Chase estimates that economic losses from the historic wildfires now stand at nearly $50 billion, and the number is likely to rise. Residents are awaiting word on whether their homes survived the flames.