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FILE - A man walks out of a Marc's Store,  Friday, Jan. 8, 2021, in Mayfield Heights, Ohio.  Fewer Americans applied for unemployment benefits last week, lowering claims to 900,000, still a historically high level that points to further job cuts in a raging pandemic. (AP Photo/Tony Dejak, file)

Biden inherits damaged economy, with signs of hope emerging

Jan. 21, 2021 4:38 PM EST

WASHINGTON (AP) — President Joe Biden has inherited a badly damaged economy pulverized by the pandemic, with 10 million fewer jobs than a year ago and as many as one in 6 small businesses shut down. Yet there are also signs of resilience and recovery that suggest the prospect of a rebound, perhaps a robust...

People are reflected on the electronic board of a securities firm in Tokyo, Wednesday, Jan. 20, 2021. Asian shares were mostly higher Wednesday, ahead of Joe Biden's inauguration as president, ending President Donald Trump’s four-year term. Japan's benchmark lost early gains as worries grew about the surge in coronavirus cases. (AP Photo/Koji Sasahara)

Japan shares fall on pandemic worries as rest of Asia rises

Jan. 19, 2021 10:22 PM EST

TOKYO (AP) — Asian shares were mostly higher Wednesday, ahead of Joe Biden's inauguration as U.S. president. Japan's benchmark lost early gains as worries grew about the surge in coronavirus cases. Japan's benchmark Nikkei 225 lost early gains to slip 0.4% in morning trading to 28,515.21. Australia's...

FILE - In this Aug. 14, 2019, file photo former Fed Chair Janet Yellen speaks with FOX Business Network guest anchor Jon Hilsenrath in the Fox Washington bureau in Washington. President-elect Joe Biden announced Yellen as his nominee for Treasury Secretary. (AP Photo/Andrew Harnik, File)

Yellen pushes GOP senators on $1.9 trillion relief package

Jan. 19, 2021 1:44 PM EST

WASHINGTON (AP) — Janet Yellen, President-elect Joe Biden's choice as Treasury secretary, said Tuesday that the incoming administration would focus on winning quick passage of its $1.9 trillion pandemic relief plan, rejecting Republican arguments that the measure is too big given the size of U.S. budget...

In this aerial photo released by China's Xinhua News Agency, workers build a large centralized quarantine facility capable of holding several thousand people in Shijiazhuang in northern China's Hebei Province, Saturday, Jan. 16, 2021. China on Saturday finished building a 1,500-room hospital for COVID-19 patients in Nangong, south of Beijing in Hebei Province, to fight a surge in infections the government said are harder to contain and that it blamed on infected people or goods from abroad. (Yang Shiyao/Xinhua via AP)

The Latest: China reports a few new cases of COVID-19

Jan. 16, 2021 9:41 PM EST

BEIJING — China on Sunday reported 109 new confirmed COVID-19 cases, two-thirds of them in a northern province that abuts Beijing, and no deaths. There were 72 new cases in Hebei province, where the government is building isolation hospitals with a total of 9,500 rooms to combat an upsurge in infections,...

City worker Carlos Ruiz gives instruction to a COVID-19 patient after delivering a tank of oxygen to her home in the Iztapalapa borough of Mexico City, Friday, Jan. 15, 2021. The city offers free oxygen refills for COVID-19 patients. (AP Photo/Marco Ugarte)

The Latest: Mexico hits another record for COVID-19 cases

Jan. 15, 2021 10:37 PM EST

Mexico posted a record spike in coronavirus cases on Friday, with 21,366 newly confirmed infections, about double the daily rate of increase just a week ago. The country also recorded 1,106 more deaths. It was unclear if the spike was due to the presence of the U.K. virus variant, of which only one case has so...

FILE - In this April 29, 2020 file photo, amid concerns of the spread of COVID-19, a shopper wears a mask as she looks over meat products at a grocery store in Dallas.  U.S. wholesale prices rose 0.3% in December led by a the biggest jump in energy costs since June. The Labor Department reported Friday, Jan. 15, 2021 that the gain in its producer price index, which measures inflation pressures before they reach consumers, followed a modest 0.1% gain in November and matched the 0.3% rise in October.(AP Photo/LM Otero, File)

December wholesale prices up 0.3% with sharp jump in energy

Jan. 15, 2021 9:39 AM EST

WASHINGTON (AP) — U.S. wholesale prices rose 0.3% in December led by a the biggest jump in energy costs since June. The Labor Department reported Friday that the gain in its producer price index, which measures inflation pressures before they reach consumers, followed a modest 0.1% gain in November and...

A currency trader walks by the screens showing the Korea Composite Stock Price Index (KOSPI), right, and the foreign exchange rates at the foreign exchange dealing room in Seoul, South Korea, Friday, Jan. 15, 2021. Asian shares were mixed on Friday after a late slide in several Big Tech stocks left major indexes lower on Wall Street. (AP Photo/Lee Jin-man)

Asian shares mixed following Biden speech, Wall St retreat

Jan. 14, 2021 11:08 PM EST

Asian shares were mixed on Friday after a late slide in several Big Tech stocks left major indexes lower on Wall Street. U.S. futures were trading slightly lower after President-elect Joe Biden announced his plans to propose a $1.9 billion package to help along a recovery from the coronavirus pandemic. Biden...

Federal Reserve Chairman Jerome Powell testifies before a House Financial Services Committee hearing on Capitol Hill in Washington, Wednesday, Dec. 2, 2020. (Greg Nash/Pool via AP)

Powell signals Fed will keep aiding economy with bond buying

Jan. 14, 2021 4:50 PM EST

WASHINGTON (AP) — Federal Reserve Chair Jerome Powell sought Thursday to tamp down any concerns that the Fed might soon withdraw some of its support for the U.S. economy and stressed that any such pullback would be signaled far in advance. During an online discussion hosted by Princeton University, from...

A currency trader passes by monitors showing the Korea Composite Stock Price Inde, and foreign exchange rate at the foreign exchange dealing room of a KB Kookmin Bank branch in Seoul, South Korea, Thursday, Jan. 14, 2021. Shares were mostly higher in Asia on Thursday after a lackluster day on Wall Street, where major indexes spent the day drifting up and down near their record highs. (AP Photo/Ahn Young-joon)

Asian shares mixed after lackluster day on Wall Street

Jan. 13, 2021 10:11 PM EST

Shares were mostly higher in Asia on Thursday after a lackluster day on Wall Street, where major indexes spent the day drifting up and down near their record highs. Benchmarks rose in Hong Kong, Tokyo and Sydney but fell in Shanghai. U.S. futures were trading slightly higher after the U.S. House of...

Fed survey finds economy slowing in some areas of country

Jan. 13, 2021 4:29 PM EST

WASHINGTON (AP) — A Federal Reserve survey of U.S. business conditions has found modest economic gains at the start of the year, although some parts of the country saw slowdowns stemming from a renewed surge of COVID-19 cases. The Fed report released Wednesday said that the bulk of the Fed's 12 regions...