Latest Economy News

Federal Reserve Chair Jerome Powell testifies during a House Financial Services Committee hearing about the government’s emergency aid to the economy in response to the coronavirus on Capitol Hill in Washington on Tuesday, Sept. 22, 2020. (Caroline Brehman/Pool via AP)

Powell and Mnuchin voice optimism but back more economic aid

Sep. 22, 2020 1:13 PM EDT

WASHINGTON (AP) — Federal Reserve Chairman Jerome Powell and Treasury Secretary Steven Mnuchin expressed cautious optimism Tuesday that the U.S. economy is rebounding from the pandemic-induced recession with federal support but that more help from the government is likely needed. Powell told the House...

FILE - In this April 1, 2020 photo, a

US homes sales rise 2.4% in August

Sep. 22, 2020 1:07 PM EDT

SILVER SPRING, Md. (AP) — Sales of existing homes rose 2.4% in August to its highest level since 2006 as the housing market recovers from a widespread shutdown in the spring brought on by the coronavirus outbreak. The National Association of Realtors said Tuesday that sales rose to a seasonally adjusted...

From LA to Oslo, 12 cities pledge to divest from fossil fuel

Sep. 22, 2020 1:03 PM EDT

BERLIN (AP) — Ten cities around the world on Tuesday joined New York and London in committing to divest from fossil fuel companies as part of efforts to combat climate change. Berlin, Cape Town, Los Angeles, New Orleans, Oslo and others pledged to take “all possible steps to divest city assets from...

In this photo provided by the United Nations, Jair Bolsonaro, president of Brazil, speaks in a pre-recorded message played during the 75th session of the United Nations General Assembly, Tuesday, Sept. 22, 2020, at U.N. Headquarters in New York. The U.N.'s first virtual meeting of world leaders started Tuesday with pre-recorded speeches from some of the planet's biggest powers, kept at home by the coronavirus pandemic that will likely be a dominant theme at their video gathering this year. (Rick Bajornas/UN via AP)

Bolsonaro to world: Brazil is victim of environmental smear

Sep. 22, 2020 12:47 PM EDT

RIO DE JANEIRO (AP) — Brazilian President Jair Bolsonaro defended his administration’s record protecting the Amazon rainforest, telling the United Nations’ virtual meeting of global leaders on Tuesday that his country has been wrongly portrayed as an environmental villain. Bolsonaro's critics...

FILE - In this March 10, 2020, file photo, traders Steven Kaplan, left, and Gregory Rowe react at the closing on the floor of the New York Stock Exchange. Wall Street is opening slightly higher, Tuesday, Sept. 22, 2020, as markets recover from steep losses Monday. (AP Photo/Richard Drew, File)

Wall Street steadies itself after 4-day losing streak

Sep. 22, 2020 12:32 PM EDT

NEW YORK (AP) — Stocks are drifting higher on Wall Street Tuesday, steadying themselves a day after tumbling amid a raft of worries about the pandemic and governments’ response to it. The S&P 500 was 0.3% higher on the heels of its first four-day losing streak since the market was selling off...

In this image made from UNTV video, Chinese President Xi Jinping speaks in a pre-recorded message which was played during the 75th session of the United Nations General Assembly, Tuesday, Sept. 22, 2020, at U.N. headquarters in New York. The U.N.'s first virtual meeting of world leaders started Tuesday with pre-recorded speeches from some of the planet's biggest powers, kept at home by the coronavirus pandemic that will likely be a dominant theme at their video gathering this year. (UNTV via AP)

China's Xi: COVID reveals isolationism as a futile pursuit

Sep. 22, 2020 12:28 PM EDT

China's leader took oblique potshots at the United States and its foreign policies Tuesday, cautioning in a U.N. address that the world must “not fall into the trap of a clash of civilizations" — remarks played minutes after delegates heard the American president insist that the United Nations...

In this image made from UNTV video, United States President Donald Trump speaks in a pre-recorded message which was played during the 75th session of the United Nations General Assembly, Tuesday, Sept. 22, 2020, at U.N. headquarters in New York. The U.N.'s first virtual meeting of world leaders started Tuesday with pre-recorded speeches from some of the planet's biggest powers, kept at home by the coronavirus pandemic that will likely be a dominant theme at their video gathering this year. (UNTV via AP)

UN chief: 'epochal' crisis as world powers meet remotely

Sep. 22, 2020 12:00 PM EDT

UNITED NATIONS (AP) — Secretary-General Antonio Guterres warned the U.N.’s first-ever virtual meeting of global leaders Tuesday that the world is facing an “epochal” health crisis, the biggest economic calamity and job losses since the Great Depression, threats to human rights —...

US President Donald Trump's envoy for Serbia-Kosovo talks Richard Grenell takes part in a meeting with Serbian President Aleksandar Vucic at the Serbia Palace in Belgrade, Serbia, Tuesday, Sept. 22, 2020. Trump's administration has been working to normalize relations between Serbia and Kosovo, two former Balkan war foes, and two weeks ago Serbian President Aleksander Vucic and Kosovo Prime Minister Avdullah Hoti signed an economic normalization deal at the White House. (AP Photo/Darko Vojinovic)

US delegation pledges support to Serbia, Kosovo after deal

Sep. 22, 2020 11:45 AM EDT

BELGRADE, Serbia (AP) — A U.S. delegation pledged Tuesday to move forward with helping to boost business and investment between Serbia and Kosovo after the former war foes agreed at the White House this month to work together to normalize economic relations. American officials visited Serbia’s...

House Speaker Nancy Pelosi of Calif., speaks during a news conference on Capitol Hill, Friday, Sept. 18, 2020, in Washington. (AP Photo/Manuel Balce Ceneta)

House Democrats hope to pass funding bill to avert shutdown

Sep. 22, 2020 11:38 AM EDT

WASHINGTON (AP) — Democrats controlling the House hope to pass a government-wide temporary funding bill on Tuesday that would keep federal agencies fully up and running into December and prevent a partial shutdown of the government after the current budget year expires at the end of the month. But a...

FILE - This Jan. 23, 2015 file photo shows Winston Churchill's family home at Chartwell, England, which is cared for by the National Trust. Britain’s National Trust which looks after hundreds of the country’s well-loved historic sites, published a report Tuesday Sept. 22, 2020, said 93 of its sites have connections with aspects of the global slave trade or Britain’s colonial history. Churchill led the administration of colonies and has been criticized for opposing Indian independence. (Gareth Fuller/PA via AP, File)

UK's National Trust details historic sites' links to slavery

Sep. 22, 2020 10:30 AM EDT

LONDON (AP) — Britain’s National Trust, which looks after hundreds of the country’s well-loved historic sites, has detailed how dozens of its properties have links to slavery and colonialism. A report published Tuesday by the heritage and conservation organization said 93 of its sites have...