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Snags on COVID-19 relief may force weekend sessions

WASHINGTON — It’s a hurry up and wait moment on Capitol Hill as congressional negotiators on a must-pass, almost $1 trillion COVID-19 economic relief package struggled through a handful of remaining snags Thursday. The holdups mean a weekend session now appears virtually certain, and a top lawmaker warned that a government shutdown this weekend can’t be ruled out. All sides appeared hopeful that the wrangling wouldn’t derail the legislation, even as the chances for announcing a deal Thursday slipped away. After being bogged down for much of the day, negotiators reported ...

Fed keeps rate near zero and sees brighter economy in 2021

WASHINGTON — The Federal Reserve said Wednesday that it will keep buying government bonds until the economy makes “substantial” progress, a step intended to reassure financial markets and keep long-term borrowing rates low indefinitely. The Fed also reiterated after its latest policy meeting that it expects to keep its benchmark short-term interest rate near zero through at least 2023. The Fed has kept its key rate there since March, when it took a range of extraordinary steps to fight the pandemic recession by keeping credit flowing. Chair Jerome Powell said he and other Fed ...

Boeing suffers more canceled orders for its 737 Max plane

Boeing Co. reported more cancellations for its 737 Max jet, which this week is scheduled to carry paying passengers for the first time since the planes were grounded 21 months ago after two deadly crashes. Boeing said orders for 88 of the planes were canceled in November, pushing the total ...

US jobless claims remain high at 712,000 as virus escalates

WASHINGTON (AP) — The number of Americans applying for unemployment benefits fell as the nation celebrated Thanksgiving last week to a still-high 712,000, the latest sign that the U.S. economy and job market remain under stress from the intensified viral outbreak. Thursday’s report from ...

Fed reports slowing US economic activity

WASHINGTON — A Federal Reserve survey of business conditions around the country found that economic activity in several regions slowed in November as coronavirus cases surged. The Fed report released Wednesday said that overall, the Fed’s 12 regional banks characterized the economic expansion as “modest or moderate.” But it noted that three Midwest regions and the Philadelphia region reported activity had begun to cool in early November as COVID-19 cases surged. Four districts reported “little or no growth” during November, while five others reported that activity ...

Salesforce buying work-chat service Slack for $27.7 billion

SAN RAMON, Calif. — Business software pioneer Salesforce.com is buying work-chatting service Slack for $27.7 billion in a deal aimed at giving the two companies a better shot at competing against longtime industry powerhouse Microsoft. The acquisition announced Tuesday is by far the ...