Lawmakers Reach Deal on Aid Package
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P2JW356000-5-A00100-17FFFF5178F ADVERTISEMENT There’salwaysmoretodiscover about ETFs. Take acloserlook on page B9. ***** MONDAY,DECEMBER 21, 2020 ~VOL. CCLXXVI NO.146 WSJ.com HHHH $4.00 Last week: DJIA 30179.05 À 132.68 0.4% NASDAQ 12755.64 À 3.1% STOXX 600 395.90 À 1.5% 10-YR. TREASURY g 17/32 , yield 0.947% OIL $49.10 À $2.53 EURO $1.2258 YEN 103.32 Moderna Vaccine Begins Shipping Across U.S. What’s Lawmakers News Reach Deal on Business&Finance Aid Package nt’sJack Ma offered to Ahand over parts of the fintech giant to the Chinese BY ANDREW DUEHREN weekend. SenateMajority government as the belea- AND KRISTINA PETERSON Leader Mitch McConnell (R., guered billionaire tried to Ky.) on Sundayafternoon said salvagehis relationship with WASHINGTON—Lawmakers all outstanding issues were Beijing in early November. A1 reached afinal agreement on a settled. roughly $900 billion coronavirus “Atlong last we have the bi- Semiconductor makers relief package, moving Congress partisan breakthrough the face the growing threat of close to approval of afresh infu- countryhas needed,” Mr. their customers making sion of aid to households,small McConnell said on the Senate their owN chips tailored to businesses and schools after floor.“Nowweneed to cloud-computing and AI. A1 months of gridlock. promptly finalizetext, avoid FIS and Global Payments Theemerging agreement is anylast-minuteobstacles and recently held unsuccessful expected to provide a$600 di- cooperatetomovethis legisla- talks foramergerdeal that rect check to manyAmericans, tion through both chambers.” could have been valued at $300 aweek in enhanced fed- Congresspassed a24-hour around $70 billion. B1 eral unemployment benefits extension of government fund- and aid forschools,vaccine ing Sundayevening,setting up Enthusiastic Tesla in- distribution and small busi- votesonthe relief agreement vestors have helped accel- nesses. and broader spending bill for erate the run-up in the car NegotiatorsonSundayhad Monday. Theaid packageistied maker’s shares ahead of its been finalizing details forthe to aroughly $1.4trillion annual inclusion in the S&P 500. B1 rest of the bill aftersettling a spending package, and Con- Thoma Bravo is buying disagreement on theFederal gresspassed aseries of tempo- property-management- Reserve’semergencylending rary spending bills in recent software provider Real- OL powers settled earlier in the PleaseturntopageA4 Page for $9.6 billion in one PO S of the largest recent lever- aged buyouts. B5 A/PRES Congress is poised to NCY Virus Va riant Spurs SA deliver a tax benefit worth UL hundreds of billions dol- PA PACKED: The Moderna Covid-19 vaccine was prepared for shipping at a distribution center lars to business owners Ban on U.K. Travel in Olive Branch, Miss., on Sunday. Immunizations with it are slated to start Monday. A6 who took PPP loans. A4 Wistron apologized for Countries acrossEurope and strictions will continue intothe mishandling wagesatits beyond barred travelersfrom newyear.Thereisnoevidence iPhone plant in India after Britain on Sundayinaneffort to the newvariant causes more angryworkersdamaged its Hospitals RetreatFrom keep out a highly infectious new seriousinfections or will neu- facilities aweek ago. A14 strain of the coronavirus that is tralizethe vaccines,British sci- spreading rapidly in England. entistssay,but thereare con- The pandemic blunted cerns it will makecontrolling the debut overseas of War- the virus’sspread lessmanage- ner Bros.’ highly anticipated EarlyCovid-19 Treatment By Daniel Michaels in Brussels and Jason able,evenwith avaccine. “Wonder Woman” sequel. B1 Douglas in London Viruses mutateconstantly and scientistsare on the alert World-Wide The British government on fornew mutations that may Changing practices appear to be improving outcomes for sickest Saturdaysaid the newstrain affect how the virus behaves. appeared to be spreading 70% Thenew strain hasn’t been Lawmakersreached afinal BY MELANIE EVANS Now hospital treatment for the most criti- faster than earlier variants identified in the U.S. agreement on the $900 billion cally ill looks more like it did before the pan- and is responsible for a surge TheBritish government im- coronavirus relief package, Doctors are treating a new flood of criti- demic. Doctors hold off longer before placing in cases in London and itssur- posed a new lockdown on the moving Congresscloser to ap- cally ill coronavirus patients with treatments patients on ventilators. Patients get less rounding areas.Recorded affected regions,which in- proval of afresh infusion of aid from before the pandemic, to keep more pa- powerful sedatives, with doctors checking cases acrossthe U.K. in the cludes the closure of all non- aftermonths of gridlock. A1 tients alive and send them home sooner. more frequently to see if they caN halt the week to Sundayrose 51% over essential retail, and aban- Last spring, with less known about the drugs entirely and dialing back how much the week before. PleaseturntopageA8 Countries across Eu- disease, doctors ofteN pre-emptively put pa- air ventilators push into patients’ lungs with Theemergenceofthe vari- rope and beyond barred tients on ventilators or gave powerful seda- each breath. antpresentsaserious setback Nursing home staff hesitate travelersfromBritain in an tives largely abandoned in recent years. The “Let us go back to basics,” said Dr. Ed- forsuppressing the pandemic on vaccine.................................... A6 effort to keep out a highly aim was to save the seriously ill and protect uardo Oliveira, executive medical director beforenew vaccines canbe Companies ramp up testing infectious newstrain of the hospital staff from Covid-19. PleaseturntopageA16 rolled out,suggesting major re- to bring workers back.......... A6 coronavirus that is spread- ing rapidly in England. A1 AU.S.panel recommended Small Businesses Squeezed that both the nation’soldest, Ant Group’s Ma Big-Tech most-vulnerable people and Small businesses that endured coronavirus shutdowns and front-line essential workers received government loans earlier this year now face another be offered the next placeiN obstacle: Banks don’t want to lend to them. B1 Challenge line for Covid-19 vaccines. A6 Made Offer in Bid Percentage of small firms thatgot A congressional panel bank funding in the pastfive years issued a report document- Jolts Chip ing what it determined To Placate Beijing were safety-oversight Annual revenue of morethan $1 million Industry lapses by the FAA. A3 between APentagon proposal to BY lINGLING WEI it stifled innovation. Now, the $100,000 57% of and $1 million put the nation’stop electronic regulatorshad called the meet- $100,000 BY ASA FITCH spy agency under civilian As Jack Ma wastrying to ing to voicetheir concerns or less 35% leadership drew bipartisan salvagehis relationship with about Ant’sbusinessmodel. Theworld’slargest semicon- criticism from lawmakers. A2 Beijing in early November,the His olive-branch offer at the 24% ductor companies faceagrow- beleaguered Chinese billionaire meeting failed at saving the ing competitivethreat: their EU and British negotia- offered to hand over partsof IPO and Beijing has since biggest customersmaking their tors remained unable to Sources: Small BusinessCredit Survey,Federal ReserveBanks his financial-technologygiant, stepped up effortstorein in ownchips tailored to the super- makeadecisivebreak- Ant Group,tothe Chinese gov- China’s Big Tech giants. chargedareas of cloud comput- through in trade talks as the ernment, people with knowl- “Ant Group cannot confirm ing and artificial intelligence. Brexit transition period edge of the mattersaid. the details of the meeting with Chip making has long been nearsits end on Dec.31. A14 “You cantakeany of the regulatorsheld on Nov.2,2020, Alacazoom! Magic Acts Vanish ruled by big manufacturersand Jupiter and Saturn will platforms Ant has, as long as because it is confidential,” a design houses such as Intel appear to nearly touch in the the countryneeds it,” Mr.Ma, companyspokesman said. From Theaters, Reappear Online Corp., Advanced MicroDevices night skyonthe winter sol- China’srichest man, proposed Thesuspension of Ant’s Inc.and graphics-chip maker sticeMonday, in an alignment at an unusualsit-down with sharesale of morethan $34 iii Nvidia Corp.Now Amazon.com that has occurred only twice regulators, the people said. billion that followedthe Nov.2 Inc., MicrosoftCorp.and Google since the Middle Ages. A3 Theoffer,not previouslyre- meeting was just the start. It Magicians go virtual, presenting tricky aregetting intothe game in the ported, appeared amea culpa wasfollowedbyabarrageof hunt forimproved performance of sortsfromMr. Ma as he actions against what is dubbed new challenges; levitation, mind-reading and lowercosts, shifting the CONTENTS Outlook....................... A2 found himself facetofacewith the “platform economy,” or in- balanceofpowerinthe indus- Arts in Review... A19 Personal Journal A17-18 BusinessNews.......B3 Sports....................... A20 officials from China’scentral ternet-based businesses cham- BY KATIE DEIGHTON Thestunt, which proves he tryand pushing traditional chip Crossword............. A20 Technology............... B4 bank andagencies overseeing pioned by large tech firms. cancorrectly guessthe animal makerstorespond by building HeardonStreet..... B9 U.S. News............. A2-6 securities,banking and insur- Mr.Xipersonally ordered Magician and mind-reader an audiencemember was morespecialized chips forma- Markets...................... B8 Weather.................