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.

AILSA CHANG, HOST:

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.

ARI SHAPIRO, HOST:

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.

STEVE INSKEEP, HOST:

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.

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

ARI SHAPIRO, HOST:

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.

Updated at 3:16 p.m. ET

The U.S. budget deficit soared to a record $3.1 trillion, following a massive surge in government spending aimed at containing the economic damage from the coronavirus pandemic.

The deficit for the fiscal year that ended Sept. 30 was more than triple that of fiscal 2019 and easily eclipsed the previous record of $1.4 trillion recorded in 2009.

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

ARI SHAPIRO, HOST:

Updated at 4:35 p.m. ET

Stocks finished sharply higher after President Trump said he's open to stand-alone bills to aid airlines and small businesses, a reversal from statements he made earlier.

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

DAVID GREENE, HOST:

Ruby Jensen was living in a rented room in a Los Angeles house in June, when her landlady sent her a text that would upend her life.

Unhappy about the condition of the house, the landlady wanted Jensen and every other tenant to leave immediately. She was moving relatives back in, the text said.

Even in normal times, eviction requests have to proceed through the court system in California, said housing attorney Aimee Williams of the Castelblanco Law Group.

Updated at 4:37 p.m. ET

Federal Reserve Chairman Jerome Powell said the pace of jobs growth is rising faster than many people expected, but it may take years before the economy has fully recovered.

On election night 2016, Gretchen Sisson was so sure Hillary Clinton would defeat Donald Trump that she and her husband invited 80 people to their San Francisco home for a party. They even had a giant sheet cake made that celebrated suffragists and the Equal Rights Amendment. On the side was written, "Madam President."

That's not how it turned out. Trump won in a stunning outcome, and no one could bear to eat. Afterward, Sisson and her family ended up eating the cake themselves for weeks. It was, she says now, a lesson in hubris.

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

RACHEL MARTIN, HOST:

When legendary investor Jack Bogle created the index fund in 1976, he saw it as a way to help ordinary Americans share in the riches of the entire U.S. stock market.

This year, index fund investors are making money all right. But it's come with some risks: Much of the gains are due to half a dozen ultra-hot technology stocks.

President Trump loves talking about the booming stock market. It's not so clear Wall Street loves him back.

For the first time in a decade, deep-pocketed donors from the halls of finance are giving more money to Democrats than Republicans, according to the Center for Responsive Politics, a research group that tracks money in politics.

Stuck at home this spring, University of Nebraska student Alexander Kearns spent his empty hours buying and selling stocks online, learning as much as he could about investing.

"He sounded like a kid that was really, really excited to be studying something that he found interesting," says Bill Brewster, his cousin by marriage.

What no one knew was that Kearns had been trading options on a popular app called Robinhood, and at some point appears to have mistakenly concluded he had lost more than $730,000.

Cruz Santos thought her life was finally turning around in early March when she found a job at a shoe store after months of looking.

Two weeks later, the store shut down, throwing her back onto the unemployment lines, and leaving her and her three school-age kids at risk of losing the one-bedroom Bronx apartment where they live.

"I don't know what's going to happen and if they're going to kick me out of my apartment. And that's something hard, you know. You can hardly even sleep sometimes," Santos says.

Already a Wall Street superstar, Tesla turned a profit for the fourth straight quarter, an important milestone that will make it eligible to join the S&P 500 stock index for the first time.

The economy is tanking across the country, with layoffs and bankruptcies as far as the eye can see. But the richest sliver of the country continues to do quite well, thank you.

The latest evidence came Wednesday morning as Goldman Sachs, the bluest of blue-chip banks, said it's raking in money on Wall Street.

While other banks are warning about rising loan losses during the recession, Goldman, which tends to serve a higher-end clientele, is sounding a pretty optimistic note.

Updated at 12:45 p.m. ET

The dramatic collapse of the U.S. economy from the coronavirus is pummeling America's largest banks, raising new concerns about how much growth is slowing.

They fume and rage and demand their rights. Sometimes they even get violent.

In the age of COVID-19, most people practice social distancing guidelines when they go into stores and restaurants, putting on masks and standing 6 feet behind other customers.

Still, there are the nightmare customers — those who refuse to comply.

"I've had a lot of conflict. I've had a lot of pushback from people," says Brenda Leek, owner of Curbside Eatery in La Mesa, Calif.

Pages