The massive Palisades Fire broke out in Los Angeles on Tuesday afternoon, prompting mandatory evacuations affecting tens of thousands of people and highway closures. Later Tuesday, the Eaton Fire broke out in the foothills of Pasadena on the other side of Los Angeles County.

Former U.S. Rep. Barbara Lee, who represented the East Bay in Congress for more than two decades, announced plans to run for mayor of Oakland in a special election prompted by the recall of the city's former leader.

Barbara Lee announced Wednesday that she will run for mayor of Oakland, aiming to take control of a city with a gaping budget deficit and leadership vacuum following a mayoral recall in the twilight of her career.

Former U.S. Rep Barbara Lee on Wednesday announced a run for mayor of Oakland, Calif. She also launched a campaign website.

Fear and uncertainty surrounding the wildfires in California appear to be weighing on shares of Edison International, whose Southern California Edison is the power utility for the areas directly surrounding the city of Los Angeles.

Edison International (NYSE:EIX) settled -10.2% on Wednesday, after plunging as much as 13% to its lowest level in nine months, on fear and uncertainty over the wildfires in southern California; SoCal Edison is the power utility for the areas directly surrounding the city of Los Angeles.