Try the following using WP_Query:
<div class="news-column">
<h3>Latest News</h3>
<ul>
<?php
//get news
$args->posts_per_page = 5;
//query
$query = new WP_Query($args);
while($query->have_posts()):$query->the_post();
?>
<li class="news-item">
<h4><?php the_title(); ?></h4>
<p><?php the_date('F jS, Y'); ?></p>
<?php the_excerpt(); ?>
<p class="footnotes"><a href="https://wordpress.stackexchange.com/questions/69725/<?php the_permalink(); ?>">Continue reading</a></p>
</li>
<?php
endwhile;
wp_reset_postdata();
?>
</ul>
</div>
You can read more about other params to use here: codex.wordpress.org/Class_Reference/WP_Query