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US hits $38 trillion in debt

WASHINGTON (AP) — In the midst of a federal government shutdown, the U.S. government’s gross national debt surpassed $38 trillion Wednesday, a record number that highlights the accelerating accumulation of debt on America’s balance sheet. It’s also the fastest accumulation of a trillion dollars in debt outside of the COVID-19 pandemic — the U.S. hit $37 trillion in gross national debt in August this year. The $38 trillion update is found in the latest Treasury Department report, which logs the nation’s daily finances. Kent Smetters of the University of Pennsylvania’s ...

USDA is reopening some offices to help farmers access $3B in aid

The Agriculture Department will reopen about 2,100 county offices all across the country today despite the ongoing government shutdown to help farmers and ranchers get access to $3 billion of aid from existing programs. The USDA said each Farm Service Agency office will have two workers who will be paid even though the government remains shutdown. These offices help farmers apply for farm loans, crop insurance, disaster aid and other programs. Thousands of other federal employees like air traffic controllers are working without pay during the shutdown. A USDA spokesperson said this ...

GM boosts full-year outlook

General Motors anticipates a smaller impact from tariffs and is boosting its full-year adjusted earnings forecast as its third-quarter performance topped Wall Street’s expectations. Shares surged more than 15% in afternoon trading on Tuesday, its biggest one-day jump since May 2018. The automaker reduced its expectations for the full-year gross impact from tariffs to a range of $3.5 billion to $4.5 billion. Its previous guidance was $4 billion to $5 billion. GM anticipates its tariff mitigation actions will offset about 35% of the impact due to a lower tariff base. On Friday ...

$500K grant targets Austintown development

AUSTINTOWN — A developer’s effort to attract business to the Valley received a $500,000 boost with an assist from the Lake to River Economic Development, the agency announced Monday. JobsOhio, a private nonprofit economic development corporation, awarded a Site Inventory Program grant to GSP Land Holdings of North Jackson to support the company’s construction of a 25,000-square-foot industrial spec building on an undeveloped lot at 6405 SIlica Road, Austintown. Lake to River worked with developer Joe Cetor, co-owner of GSP Land Holdings, to secure the funding. In early July, ...

Apple’s rally pulls Wall Street to the cusp of its record

NEW YORK (AP) — U.S. stocks rallied on Monday to the cusp of their records. The S&P 500 climbed 1.1% and pulled within 0.3% of its all-time high set earlier this month. The Dow Jones Industrial Average jumped 515 points, or 1.1%, and the Nasdaq composite gained 1.4%. Apple led the way and rose 3.9% amid optimism about demand for its latest iPhone design. It was the strongest force lifting the S&P 500 and set its own record high. Cleveland-Cliffs jumped 21.5% after the steel company’s CEO, Lourenco Goncalves, said it would provide details soon about a potential deal with a major ...

Gold prices top $4,300 this week

NEW YORK (AP) — As economic uncertainty deepens, the rush for gold continues — with prices for the precious metal topping $4,300 for the first time this week. The going price for New York spot closed at a record $4,326 per troy ounce on Thursday. Futures also traded as high at more than $4,344 per troy ounce Thursday, before falling below the $4,300 mark Friday morning. Still, gold is up 6.7% over the last week, marking one of its best weeks to date. Gold sales can rise sharply when anxious investors seek a “safe haven” for their money. For the U.S., the latest gains arrive ...