P2JW338000-5-A00100-17FFFF5178F ***** THURSDAY,DECEMBER 3, 2020 ~VOL. CCLXXVI NO.131 WSJ.com HHHH $4.00 DJIA 29883.79 À 59.87 0.2% NASDAQ 12349.37 g 0.05% STOXX 600 391.69 g 0.1% 10-YR. TREAS. g 4/32 , yield 0.948% OIL $45.28 À $0.73 GOLD $1,825.70 À $11.60 EURO $1.2118 YEN 104.41 On Capitol Hill, Another Joust Over Fed Lending Measures Covid-19 What’s News Vaccine Cleared Business&Finance For Use PS imposed temporary Ushipping restrictions on some large retailerssuch as In U.K. Gap and Nikethis week,aN early sign that the pandemic- fueled online shopping sea- West’s first approval son is stretching delivery networks to their limits. A1 for emergency use TheHouse unanimously opens door for limited approved legislation that distribution in days threatens atrading ban on shares of Chinese compa- LONDON—TheU.K.became nies over concerns that the firstWestern nation to their auditsaren’t suffi- grant emergency-use authori- ciently regulated. B1 zation foraCovid-19 vaccine, Senate Republicans’ bid clearing ashot developed by to confirm Shelton as aFed- Pfizer Inc.ofthe U.S. and BioN- eral Reservegovernor ap- Tech SE of Germanytobedis- pearsunlikely to succeed tributed in limited numbers nowthat anew Democratic within days. senator has been seated. A2 OL PO S Amazon.comisiNexclu- By Bojan Pancevski, sivetalks to purchase pod- Jenny Strasburg SH/PRES and Jared S. Hopkins cast startup Wondery, as NA the technologygiant G GRE Thetwo-shot vaccine is also pushes further intothe BUMPS:Federal ReserveChairman Jerome Powell and Treasury Secretary Steven Mnuchin appeared Wednesdaybeforea being reviewedbythe Food growing audio sector. B1 Housepanel, whereMr. Mnuchin defendedhis decision to letasuiteofemergency lending programs expireatyear’send. A4 and Drug Administration in the Dyal is in talks to merge U.S.,whereasimilar authori- with Owl Rock,part of a zation could come this month complicated deal with a and arollout beforeyear-end. special-purpose acquisition TheU.K.green light on companythat would take the Virus-Aid TalksPick Up Speed Wednesdaypunctuates a asset managerspublic. B1 monthslong sprint by the two drugmakers, which teamed up TheS&P 500 rose 0.2% to BY KRISTINA PETERSON chamber’s Democratic leader, lievethat with good-faith nego- lion. But on Tuesday, anew bi- this year and then pulled arecordinachoppy trading said that anew,bipartisan tiations we could come to an partisan group unveiled a ahead of two other Western session. TheDow also Democratic leaderssignaled $908 billion coronavirus relief agreement.” $908 billion relief proposal, de- pharmaceutical companies, added 0.2%, while the Nas- Wednesdaythey were prepared proposal released Tuesday Democratshad coalesced signed to help buoyworkers each with itsown promising daq slipped 5.74 points. B10 to reducetheir demands forthe should serveasthe starting earlieraround a$2.4trillion and businesses through March. shot. Vaccines typically take Some investors arebetting next round of coronavirus re- point fortalks to trytoresolve bill passed in the House,which SenateMajority Whip John years to bring to market. the Fedcould start buying lief,fueling hopes that an months of disagreement with contains measures including Thune (R., S.D.)said Demo- It also marks akey milestone morelong-term Treasurys as agreement could be reached GOP leadersand the White funding forstate and local gov- cratic leaders’ call to center ne- in effortstotranslateapromis- soon as itsnextpolicymeet- with Republicans by year’s end House. ernmentsand food stamps, gotiations around the biparti- PleaseturntopageA8 ing,atrend that has helped to boost struggling businesses “Of course,weand others among others, which GOP pro- san proposal wasamoveinthe temper some recent selling. B1 and households. will offer improvements,” Mrs. posals have excluded. Republi- PleaseturntopageA4 CDC shortens quarantine for House Speaker NancyPelosi Pelosi and Mr.Schumer said in cans leadershaveproposed a virus exposures........................ A8 SoftBank and itstech-fo- (D., Calif.) and Sen. Chuck ajoint statement, “but the need fraction of that; theirmost re- Fed candidacy appears U.S. hospitalizations for cused Vision Fund stand to Schumer of NewYork,the to act is immediateand we be- cent bill cost around $500 bil- unlikely to succeed................. A2 coronavirus top 100,000.... A8 win big if DoorDash’sex- pected IPO is as successful as the food-deliverycom- panyhopes it will be. B4 College-Loan Debt INSIDE China HasaFriend World-Wide Hits Parents Hard In Wall Street TheU.K.became the firstWestern nation to grant emergency-use autho- BY ANDREA FULLER debt parentstook on through a rization foraCovid-19 vac- AND JOSH MITCHELL federal collegeloan program Trade deal disappointedmanyU.S. industries, cine,clearing ashot devel- called Parent Plus. oped by Pfizer and BioNTech Poor and middle-income Previously,the department but financial giants see opportunity to be distributed in limited parentsathundreds of col- released information on debt PERSONAL JOURNAL numberswithin days. A1 legeshavetaken on substan- levelsofstudentsatspecific Aguide to films and BY lINGLING WEI, BOB DAVIS MorgaN Chase & Co.’s Jamie Covid-19 hospitalizations tial debt—amountssometimes colleges and universities,but series rolling out AND DAWN lIM Dimon, there as chairman of in the U.S. set another record more than twice their annual notthe borrowing takenonby the Business Roundtable lob- as the number of coronavi- income—tohelp their children parentsonastudent’sbehalf. during the holiday In February 2018, Beijing’s bying group. ruspatients in the nation’s through school, newfederal TheParent Plus data“pro- season. A12-A13 chief trade negotiator was in Looking for allies in trade hospitals topped 100,000. A8 figures show. vides amorecompletefinancial WashingtoN to try to avert a talks with the Trump admin- The CDC cut the recom- Theschools with the largest pictureofhow recent graduates trade war. Before meeting istration, Mr. Liu dangled a mended quarantine period to parent-debt burdens aren’t have paid fortheir postsecond- his U.S. counterparts, he prize, the people say: Beijing seven to 10 days forpeople world-famous IvyLeague aryeducation,” the Education turned to a select group of offered to give U.S. financial in the U.S. who have been ex- schools,aWall Street Journal Department said in astatement S American business execu- firms a new opportunity to posed to the coronavirus. A8 analysis found. Rather,they in- Wednesday. NEW tives—mostly from Wall expand in China. clude art schools,historically Theamountsmay be bur- G Street. Shortly after the gather- Democratic leaders sig- Black colleges,and small pri- densome formanyparents. At “We need your help,” Vice ing, Mr. Liu presented naled they were prepared to vate colleges whereparentsare nearly 150 colleges,parents OOMBER Premier Liu He told guests China’s position to the U.S. reducetheir demands for BL borrowing nearly six-figure typically took out loans worth gathered in a hotel near the side, including the financial the next round of coronavi- amountstofulfill their chil- $50,000 or more, the data BUSINESS White House, according to opening. Most other U.S. in- rusrelief,fueling hopes that dren’scollegedreams. show. At morethan 500 people with knowledge of dustries were disappointed. adeal could be reached with The home-appliance Forthe firsttime,the U.S. schools,the median amount the matter. They included The Trump administration Republicans by year-end. A1 industrymakes ahard Education Department, through they borrowedwas between BlackRock Chief Executive PleaseturntopageA10 TheSBA’s release of new pivot toward hygiene dataonPPP borrowers high- itsannual release of collegefi- $25,000 and $50,000. Larry Fink, David Solomon, nancial data, provided informa- Parentsofgraduates from amid the pandemic. B1 then Goldman Sachs Group’s House passes delisting of lightshow money flowed tion Wednesdayonthe level of PleaseturntopageA6 second-in-command, and JP- China firms over audits........ B1 to both mom-and-pop busi- nesses and largerfirms. A4 Poor and middle-income Test for Tech: parents at hundreds of col- UPSPutsRestrictions leges have takeN on sub- stantial debt to help their Wyatt Earp? children through school, On Retailer Shipments WE SEE newfederal figuresshow. A1 Ringo Starr? Trump delivered aspeech BY PAUl ZIOBRO onavirus pandemic—a dy- from the WhiteHouse in iii which he insisted that he woN namic that has shifted power WHAT the election and again de- Facial recognition United Parcel ServiceInc. significantly.UPS and rival imposed temporaryshipping FedEx Corp.have raised prices clined to concede to Biden. A6 meets its match in restrictions on some large re- and promised to hold mer- Netanyahu’scoalition part- tailerssuch as Gap Inc.and chantstovolume agreements. nerswithdrew their support Old West photos Nike Inc.this week,anearly Thetemporarylimits, which OTHERS forthe government, raising the sign that the pandemic-fueled some driverssaid they haven’t prospect it could collapse and BY PARMY OLSON online shopping season is seen during previous holiday send Israel to afourth elec- stretching deliverynetworks seasons,are asign that UPS is tion in lessthan two years. A18 DennyRodman,anantiques to their limits. metering the flow of packages CAN’T. Died: Valéry Giscard collector in Houston, made an Thedeliverygiant on Cyber intoits network to preserveits d’Estaing, 94, former exciting find on Facebook’son- Mondaynotified drivers performanceduring one of the line marketplaceinAugust.