Jim Zarroli | KGOU
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Jim Zarroli

Jim Zarroli is an NPR correspondent based in New York. He covers economics and business news.

Over the years, he has reported on recessions and booms, crashes and rallies, and a long string of tax dodgers, insider traders, and Ponzi schemers. Most recently, he has focused on trade and the job market. He also worked as part of a team covering President Trump's business interests.

Before moving into his current role, Zarroli served as a New York-based general assignment reporter for NPR News. While in this position, he reported from the United Nations and was also involved in NPR's coverage of Hurricane Katrina, the London transit bombings, and the Fukushima earthquake.

Before joining NPR in 1996, Zarroli worked for the Pittsburgh Press and wrote for various print publications.

He lives in Manhattan, loves to read, and is a devoted (but not at all fast) runner.

Zarroli grew up in Wilmington, Delaware, in a family of six kids and graduated from Pennsylvania State University.

Copyright 2020 NPR. To see more, visit https://www.npr.org.

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Stocks powered through a historic milestone today. The Dow hit 30,000 for the first time ever. President Trump, who's been mostly staying out of the public eye since the election, appeared briefly at the White House to celebrate.

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Updated at 4:20 p.m. ET

Not even the pandemic could keep the Dow from breaking a major milestone: the 30,000-point barrier.

The Dow Jones Industrial Average powered past 30,000 for the first time Tuesday after President Trump allowed the transition process to begin, even as he has yet to concede.

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More than 150 business leaders are calling on President Trump to concede the election, saying the stalled transition is hurting the United States' reputation and impeding efforts to revitalize the pandemic-ravaged economy.

"Every day that an orderly presidential transition process is delayed, our democracy grows weaker in the eyes of our own citizens and the nation's stature on the global stage is diminished," said a statement signed by 164 chief executives that was released Monday.

Copyright 2020 NPR. To see more, visit https://www.npr.org.

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Updated at 6:27 p.m. ET

The Federal Reserve will comply with the Treasury Department's request to let key coronavirus emergency lending programs expire at the end of the year after the two agencies had earlier engaged in an unusual clash over the fate of the funds.

President Trump's slash-and-burn rhetoric against China may have brought few lasting economic benefits so far, but it has succeeded in one fundamental way: No administration can now afford to play nice with the United States' biggest rival.

Trump made hostility toward China a centerpiece of his "America First" trade agenda, launching bitter attacks against Beijing's policies and setting off a trade war by slapping tariffs on two-thirds of Chinese imports.

Copyright 2020 NPR. To see more, visit https://www.npr.org.

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Updated at 4:25 pm

Hopes for a vaccine have brought good times back to financial markets.

Stocks extended a recent rally Monday, with the Dow Jones Industrial Average and the S&P 500 closing at record highs, after Moderna became the second drugmaker to tout progress toward developing an effective COVID-19 vaccine.

The Dow ended the day up 471 points, or 1.6%, and is now close to reaching 30,000 points for the first time. It appears to have put behind it for now a period of uncertainty ahead of the election that hurt markets.

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Euphoria broke out on Wall Street today following the news of that successful vaccine trial. The Dow and the S&P 500 soared to record highs early in the day before giving up some of their gains. But here's a twist. Stocks for companies that have benefited from stay-at-home orders, like Zoom, Netflix and Amazon - their share prices cratered. NPR's Jim Zarroli reports.

JIM ZARROLI, BYLINE: Stocks went gangbusters as soon as the market opened. There was no secret why.

Updated at 4:35 p.m. ET

Euphoria broke out Monday on Wall Street after promising news of a vaccine trial provided a major dose of hope for the global economy.

The powerful rally was sparked after Pfizer and its partner BioNTech said the experimental COVID-19 vaccine was more than 90% effective.

The stock market racked up its best week since April despite the turmoil of an election that's still unresolved.

While the major stock indexes mostly finished a bit lower Friday, the drop wasn't enough to offset four days of strong gains. The S&P 500 surged 7.3% for the week, while the Dow Jones Industrial Average rose about 1,800 points, an increase of 6.9%.

Updated at 4:23 p.m. ET

Wall Street seemed to love the prospect of a "blue wave" just a few days ago. Now that Democrats appear less likely to get the landslide they hoped for, investors are happy about that as well.

Stock prices began climbing early in the week, when polls showed that Democrats could capture both the Senate and the White House, giving them complete control of Washington.

The Dow Jones Industrial Average finished 1.6% higher on Monday and then rose more than 2% before polls closed on Election Day.

Stocks surged for a second consecutive day on Tuesday as investors bet wins by Democrats in elections would raise the chances for a comprehensive coronavirus relief package.

The Dow Jones Industrial Average finished up 554 points, an increase of 2.06%. It had risen 1.6% on Monday.

The broader S&P 500 index ended up 1.78%, while the Nasdaq composite index finished 1.85% higher.

Copyright 2020 NPR. To see more, visit https://www.npr.org.

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The Small Business Administration may have handed out billions of dollars in loans to businesses that falsely claimed to have been damaged by the coronavirus lockdowns, a report from the agency said on Wednesday.

Officials at the agency were so inundated with requests for disaster aid starting last March that they couldn't adequately vet the applicants, according to the report from the Office of SBA Inspector General Michael Ware.

Updated at 4:11 p.m. ET

Stocks fell sharply on Wednesday as a spike in coronavirus cases in the United States and Europe is raising the prospect of further lockdowns that could hurt the global economy.

At the close, the Dow Jones Industrial Average was down 943 points, a decline of 3.4%, and is in negative territory for the month. The S&P 500 fell 3.5%, its third consecutive decline, and is down over 8% from its record high in early September.

Montana's Democratic Gov. Steve Bullock waited until just before the filing deadline in March to announce he would take on incumbent Republican Steve Daines in the race for Senate.

It took a little more than a week for millions of dollars in campaign contributions to begin pouring into the sparsely populated state from outside, quickly flooding Montana's small broadcast markets with campaign ads, many of them decidedly negative.

Copyright 2020 NPR. To see more, visit https://www.npr.org.

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Updated at 5 p.m. ET

Stocks on Monday posted their worst day since early September amid a surge in coronavirus cases in the United States and Europe and declining optimism about another U.S. pandemic relief bill.

The Dow Jones Industrial Average ended the day down 650 points, or 2.3%, posting its biggest decline since Sept. 3. The other major indexes were also down, though not as much.

Nine current or former Goldman Sachs executives, including CEO David Solomon, will have to pay back hundreds of millions of dollars in compensation over a bribery scandal in Malaysia.

Goldman has faced regulatory probes in the United States and Malaysia over allegations that it enabled billions of dollars to be siphoned off from a Malaysian development fund and over bribes paid to government officials. The scandal that ensued led to the resignation of the Asian country's prime minister.

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