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WASHINGTON — The number of Americans seeking unemployment benefits fell slightly last week to 751,000, a still-historically high level that shows that many employers keep cutting jobs in the face of the accelerating pandemic. A surge in viral cases and Congress’ failure so far to provide more aid for struggling individuals and businesses are threatening to deepen Americans’ economic pain. Eight months after the pandemic flattened the economy, weekly jobless claims still point to a stream of layoffs. Before the virus struck in March, the weekly figure had remained below 300,000 for more than five straight years. 626
WASATCH COUNTY, Utah -- A Midway woman is thanking her local search and rescuers after they dedicated their own time to find a family heirloom at the bottom of Deer Creek Reservoir.“Here it is!” Lindsay Bowen said as she held up her left hand. “To have it on my finger again felt so good.”Staring at her wedding ring, Bowen is still in disbelief.“I was so shocked, I kind of had just counted it as a loss and, if anything, we were just grabbing at straws trying to find it,” Bowen continued.Rewind two weeks, Bowen and her family were playing on a floating obstacle course at Deer Creek Reservoir.“We were just out there playing and it slipped right off,” Bowen said. “I knew it just dropped, and it was probably 15 to 20 feet deep.”Losing her ring had turned into a real-life treasure hunt.“Someone’s going to find it and take it,” she said.But to Bowen, the ring wasn’t just rich in value, it was rich in sentiment.“I’ve had my ring for 18 years,” said Bowen. “It’s my grandmother’s diamond and my husband designed it, I realized it held all of my babies and I was just so sad it was gone, I didn’t realize how much I loved it.”After her husband made multiple failed attempts to retrieve the heirloom, Bowen turned to a Facebook community group.“If anyone has the equipment, if anyone can go down, I’ll pay you a hundred dollars.”Then, unlikely heroes with Wasatch County Search and Rescue’s dive team saw her post and answered her call for help.“They went out for two hours and dove on their own time. They’re volunteers, and they just dove and dove and they couldn’t find it,” Bowen explained.Still, they didn’t give up hope. Eight days, two dives, an underwater metal detector, and a half dozen search and rescue volunteers later, they found it.“Are you serious!?” Bowen's husband can be heard yelling in a cell phone video of the recovery.“Yeah, we got it!” a rescuer shouted back.The long lost ring was found using a golf ball and a metal detector. The divers dropped the ball in the general area where it was lost, then used the metal detector to find it.“I started crying,” Bowen said. “[The diver] came up and it was on his pinky finger and he was so excited!”Bowen said the divers would not accept her reward. Still, she believes everyone came away with something valuable that day.“They were just happy to help and I was just so happy to be in a community that takes care of each other like that,” Bowen said. “That memory for me, of people doing good and being recognized for good, I think that’s my favorite part.”Bowen said the divers continued to use the metal detector in the water, retrieving a number of Apple Watches and iPhones, which they were able to return to their rightful owners.This story was originally reported by Elle Thomas at KSTU. 2772

Wall Street is worried about a trade war.The Dow dropped 420 points on Thursday after President Trump said his administration will impose tariffs on steel and aluminum imports. The Nasdaq and the S&P 500 declined 1.3% apiece.Trump's controversial tariff announcement caught investors off guard and immediately raised concerns about retaliation from China or other major U.S. trading partners."This is the first shot across the bow over a trade war," said Art Hogan, chief market strategist at B. Riley FBR. "And nobody wins a trade war."Trump said his administration would impose a 25% tariff on steel imports and a 10% tariff on aluminum. It was not immediately clear whether Trump would exempt some countries from the tariffs, as his national security advisers have urged him to do to avoid hurting U.S. allies.Corporate America has warned Trump that tariffs could backfire. Last month, the Business Roundtable warned of the risk of "foreign retaliation" that would "harm the U.S. economy."Investors will be looking to see how U.S. trading partners react to the tariffs.Beyond worries about retaliation, the tariff news drove concerns about rising costs for companies that rely heavily on aluminum and steel, like auto and plane makers. Imports make up about a third of the steel American businesses use every year, and more than 90% of aluminum used here. Shares of Boeing fell 3% General Motors dipped 4%, and Ford dropped 3%.Related: NY Fed chief: Tariffs risk 'trade war'If the tariffs result in higher prices on steel and aluminum, companies that rely on those products may pass on some of the costs to consumers. That raises the specter of creeping inflation."This clearly will [lead to] higher prices in the production chain, which is part of the inflation path," said Quincy Krosby, chief market strategist at Prudential Financial.The timing of the tariff news surprised Wall Street. A formal announcement was expected at some point Thursday, but then it was called off. Later, Trump mentioned his tariff plans in a hastily arranged listening session with steel and aluminum executives. And he didn't provide crucial details, such as whether certain countries will be exempted.Concerns about trade come at an already shaky time on Wall Street. The S&P 500 and Dow fell about 4% in February, their worst month in two years. Fears about inflation and soaring bond yields caused a surge in volatility, including two 1,000-point plunges for the Dow.The market had come back as investors focused on the strong economy and booming corporate profits. But stocks fell sharply again on Tuesday and Wednesday, putting the Dow is back in negative territory for the year.Turbulence has picked up as well. The VIX volatility index spiked 15% on Thursday. Selling pressure will climb as volatility increases, Krosby said.At least two corners of the stock market cheered Trump's tariff announcement. U.S. Steel and AK Steel soared 6% and 10%, respectively.Century Aluminum also spiked 7%. Another major aluminum maker, Alcoa, gained 1%.Trump's tariff moves could force investors to confront another trade issue: NAFTA. Trump has repeatedly threatened to tear up this major trade deal with Canada and Mexico. Talks to renegotiate NAFTA, a major piece of the U.S. economy, have so far failed to produce a solution."It sets off the protectionist fears that had been lying dormant," said Hogan.— CNN's Jeremy Diamond contributed to this report.The-CNN-Wire? & ? 2018 Cable News Network, Inc., a Time Warner Company. All rights reserved. 3547
WASHINGTON (AP) — House Speaker Nancy Pelosi is dismissing the latest White House offer in COVID-19 aid talks as “one step forward, two steps back.” However, the California Democrat said in a letter that she's still hopeful that progress can be made toward a deal.The White House had boosted its offer before Treasury Secretary Steven Mnuchin and Pelosi spoke on Friday afternoon, but the speaker says she wants to agree on specific language about what the money will go towards.“When the President talks about wanting a bigger relief package, his proposal appears to mean that he wants more money at his discretion to grant or withhold, rather than agreeing on language prescribing how we honor our workers, crush the virus and put money in the pockets of workers,” said Pelosi.President Donald Trump is eager for an agreement before Election Day, even as his most powerful GOP ally in the Senate says Congress is unlikely to deliver relief by then.Pelosi tells colleagues in the letter that while the administration tried to address some Democratic concerns, disagreement remained on many priorities.“A key concern is the absence of any response on a strategic plan to crush the virus,” said Pelosi. “We cannot safely reopen schools, the economy and our communities until we crush the virus with the science-based, national plan for testing, tracing, treatment and isolation, and for the equitable and ethical distribution of a safe and effective vaccine once developed. This strategic plan is contained in the Heroes Act.”Democrats are also pushing for strong OSHA protections to keep workers safe as they risk their lives to keep the economy running.“We are urging the Administration to support our strong OSHA language, which requires OSHA to issue an enforceable emergency temporary standard within seven days that covers all workers from COVID-19 infections,” wrote Pelosi.In her letter, Pelosi went on to explain what is in the Heroes Act, the stimulus bill that’s been passed by the House, but rejected by Republicans. 2035
WASHINGTON (AP) — Christmas-season gridlock descended on the nation's capital Saturday like an unwelcomed present just before the holiday as America's elected leaders partially closed down the government over their inability to compromise on money for a wall along the U.S.-Mexico border.Congressional Democrats are refusing to accede to President Donald Trump's demands for billion to start erecting his long-promised barrier, and the stalemate is a chaotic coda for Republicans in the waning days of their two-year reign controlling government.Vice President Mike Pence, Trump son-in-law and senior adviser Jared Kushner and White House budget chief Mick Mulvaney left the Capitol late Friday after hours of bargaining with congressional leaders produced no apparent compromise.RELATED: Government shutdown: Who will get furloughed if a spending bill is not signed?Mulvaney sent agency heads a memorandum telling them to "execute plans for an orderly shutdown." He wrote that administration officials were "hopeful that this lapse in appropriations will be of short duration." That expectation was widely shared.With negotiations expected to resume, the House and Senate scheduled rare Saturday sessions. House members were told they would receive 24 hours' notice before any vote. "I am in the White House, working hard," Trump said Saturday on Twitter.The impasse blocks money for nine of 15 Cabinet-level departments and dozens of agencies, including the departments of Homeland Security, Transportation, Interior, Agriculture, State and Justice.RELATED: Government shutdown: Constructive talks are happening, McConnell saysThe disruption affects many government operations and the routines of 800,000 federal employees. Roughly 420,000 workers were deemed essential and will work unpaid just days before Christmas. An additional 380,000 will be furloughed, meaning they will stay home without pay.Federal employees already were granted an extra day of vacation on Monday, Christmas Eve, thanks to an executive order that Trump signed this past week. The president did not go to Florida on Friday as planned for the holiday.Those being furloughed include nearly everyone at NASA and 52,000 workers at the Internal Revenue Service. About 8 in 10 employees of the National Park Service were to stay home; many parks were expected to close.RELATED: President Trump tweets that government shutdown will last for a 'very long time' if wall not fundedThe Senate passed legislation ensuring that workers will receive back pay. The House seemed sure to follow suit.Some agencies, including the Pentagon and the departments of Veterans Affairs and Health and Human Services, were already funded and will operate as usual.The U.S. Postal Service, busy delivering packages for the holiday season, will not be affected because it's an independent agency. Social Security checks will be mailed, troops will remain on duty and food inspections will continue.Also still functioning will be the FBI, the Border Patrol and the Coast Guard. Transportation Security Administration officers will continue to staff airport checkpoints and air traffic controllers will be on the job.Trump has savored the prospect of a shutdown over the wall for months. Last week he said he would be "proud" to close down the government, and on Friday said he was "totally prepared for a very long" closure. Many of Congress' most conservative Republicans welcomed such a confrontation, but most GOP lawmakers have wanted to avoid one because polling shows the public broadly opposes the wall and a shutdown over it.RELATED: What to expect if there's a partial government shutdownInitial Republican reaction to the shutdown was muted. Among the few GOP lawmakers who issued statements as it began were Sens. Lisa Murkowski of Alaska, who expressed disappointment at the lack of a deal, and Lamar Alexander of Tennessee. "This is a complete failure of negotiations and a success for no one," Alexander said.The Democratic leaders, Rep. Nancy Pelosi of California and Sen. Chuck Schumer of New York, said in a statement that Trump "threw a temper tantrum and convinced House Republicans to push our nation into a destructive Trump Shutdown in the middle of the holiday season."Trump had made clear last week that he would not blame Democrats for any closure. Now, he and his GOP allies have spent the past few days saying Democrats bear responsibility.The president said now was the time for Congress to provide taxpayers' money for the wall, even though he long had claimed Mexico would pay for it. Mexico repeatedly has rebuffed that idea."This is our only chance that we'll ever have, in our opinion, because of the world and the way it breaks out, to get great border security," Trump said Friday. Democrats, who opposed major funding for wall construction, will take control of the House on Jan. 3.Looking for a way to claim victory, Trump said he would accept money for a "Steel Slat Barrier" with spikes on the top, which he said would be just as effective as a "wall" and "at the same time beautiful."Senators had approved a bipartisan deal earlier in the week to keep the government open into February and provide .3 billion for border security projects, but not the wall. But the House rebelled and approved a package temporarily financing the government but also setting aside .7 billion for the border wall.A test vote in the Senate on Friday showed that Republicans lacked the 60 votes needed to advance the House plan. That jump-started negotiations between Congress and the White House. 5581
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