Yellen Calls Virus Aid Crucial to U.S. Economic Recovery
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. ****** WEDNESDAY, JANUARY 20, 2021 ~ VOL. CCLXXVII NO. 15 WSJ.com HHHH $4.00 DJIA 30930.52 À 116.26 0.4% NASDAQ 13197.18 À 1.5% STOXX 600 407.92 g 0.2% 10-YR. TREAS. À 1/32 , yield 1.092% OIL $52.98 À $0.62 GOLD $1,839.50 À $10.20 EURO $1.2131 YEN 103.90 As Covid Toll Hits 400,000, Biden and Harris Lead Memorial Trump What’s News Pardons Ex-Aide Business&Finance Bannon ellen made the case Yfor another sweeping economic aid package at In Fraud her hearing to be the next Treasury secretary, pushing back against Republican Clemency for 2016 skepticism about the need campaign boss among for more deficit spending to bolster the recovery. A1 dozens expected in Netflix ended 2020 with president’s final hours more than 200 million sub- scribers, a milestone pow- BY REBECCA BALLHAUS ered by homebound con- sumers and rising demand President Trump pardoned in international markets. A1 his former chief strategist, Goldman said fourth- Steve Bannon, who had been quarter profit more than charged in connection with a doubled as it posted reve- scheme to defraud donors to a nue of $11.74 billion, results crowdfunding campaign for a that were much better than border wall, according to a analysts’ expectations. B1 White House official. The pardon was one of sev- BofA’s profit fell 22% in eral dozen expected in the the latest quarter as a drop president’s final hours in of- in interest income helped fice. The president has drag down earnings. B2 EVAN VUCCI/ASSOCIATED PRESS changed his mind several times Embattled billionaire REFLECTIONS: President-elect Joe Biden with his wife, Jill Biden, right, and Vice President-elect Kamala Harris with her in recent days, and on Tuesday Jack Ma made his first husband, Doug Emhoff, attended a memorial for Covid-19 victims Tuesday in Washington. A3 was still calling advisers to ask public appearance in them how he should proceed nearly three months. B1 on a pardon for Mr. Bannon. At various points on Tuesday, ad- Office Depot rebuffed an visers believed Mr. Bannon unsolicited takeover offer wouldn’t get one. from Staples but indicated it is Yellen Calls Virus Aid Crucial Mr. Bannon was charged in open to an alternative deal. B1 August in connection with an MGM Resorts said it is alleged plan to siphon hun- no longer pursuing a deal dreds of thousands of dollars to buy British gambling To U.S. Economic Recovery from a crowdfunding cam- company Entain. B3 paign to build a wall along the southern U.S. border—one of U.S. stocks rose, with the president’s signature cam- the S&P 500, Dow and BY KATE DAVIDSON Reserve chairwoman, said the America, that they can put President-elect Joe Biden’s top paign promises. Mr. Bannon Nasdaq gaining 0.8%, 0.4% incoming Biden administra- food on the table, that they’re personnel choices to face Sen- pleaded not guilty and was re- and 1.5%, respectively. B11 WASHINGTON—Janet Yel- tion’s priority is to relieve suf- not losing their homes and ate hearings Tuesday on the leased after agreeing to a $5 Microsoft is investing len made the case for another fering caused by the coronavi- ending up out on the street eve of the inauguration of the million bond as he awaits trial. in General Motors’ driver- sweeping economic aid pack- rus pandemic, including because of evictions,” Ms. Yel- nation’s 46th president. Ant- The New York Times earlier less-car startup Cruise as age at her hearing to be the providing aid for families, len told lawmakers on the ony Blinken, Mr. Biden’s choice reported that the president part of a strategic tie-up. B1 next Treasury secretary Tues- businesses and communities Senate Finance Committee. PleaseturntopageA6 had signed the pardon. day, pushing back against Re- hardest hit by the downturn “We really need to address A former investment banker Rivian has raised an- publican skepticism of the as well as spending to bring those forms of suffering, and I Biden sets agenda for first PleaseturntopageA7 other $2.65 billion, bol- need for more deficit spending the virus under control. think we shouldn’t compro- 100 days....................................... A4 stering the electric-vehicle to bolster the recovery. “We need to make sure that mise on it.” Inauguration speech will call McConnell blames Trump for startup’s balance sheet. B4 Ms. Yellen, a former Federal people aren’t going hungry in Ms. Yellen was just one of for unity........................................ A4 provoking Capitol attack..... A7 World-Wide Netflix Trading Boosts Goldman Profit Trump pardoned Steve Goldman Sachs’s fourth-quarter profit more than doubled from VW Struggles Bannon, his former chief a year earlier to $4.51 billion, beating analysts’ expectations. strategist, who had been Subscriber Trading revenue for 2020 reached a 10-year high. B1 charged in connection with To Catch Tesla an alleged scheme to de- Bank stocks and index fraud donors to a crowd- Count 5% Goldman Sachs funding campaign for a border wall. The pardon KBW bank index German auto maker’s $50 billion bet on was one of several dozen Reaches 4 Bank of America electric vehicles hits software speed bump expected in the president’s final hours in office. A1 Milestone 3 BY WILLIAM BOSTON Thomas Ulbrich, leader of McConnell for the first time publicly cast blame on the ID.3 effort. ZWICKAU, Germany—Five Trump for the attack on the 2 The car, however, didn’t BY JOE FLINT years and nearly $50 billion work as advertised. Capitol earlier this month, AND MICAH MAIDENBERG into the auto industry’s big- It could drive, turn cor- as he moved to preserve 1 gest bet on electric vehicles, ners and stop on a dime. But Republican sway in the Sen- Netflix Inc. ended last year Volkswagen CEO Herbert the fancy technology fea- ate on the final day of the with more than 200 million Diess and his guest, Chancel- tures VW had promised were party’s majority status. A7 0 lor Angela Merkel, stood in Prosecutors filed con- subscribers, a milestone pow- either absent or broken. The anticipation as the first ID.3, spiracy charges related to ered by consumers left home- company’s programmers Germany’s long-awaited an- the mob that stormed the bound by the pandemic eager –1 hadn’t yet figured out how for entertainment and rising de- swer to Tesla, rolled off the Capitol, saying in a new to update the car’s software mand in international markets assembly line. complaint that three rioters remotely. Its futuristic head- where the streaming giant has a –2 The event at the com- PleaseturntopageA10 had acted in an “organized head start over many rivals. pany’s flagship EV plant just and practiced fashion.” A8 Jan. 12 Jan. 13 Jan. 14 Jan. 15 Jan. 19 The company said it is now over a year ago marked a Microsoft invests in GM’s Biden will take office with able to generate more cash than Source: FactSet “systemic shift from the robot cars..................................... B1 a far-reaching set of plans for it needs and no longer antici- combustion engine to the Electric-truck maker Rivian his administration’s first 100 pates having to borrow money electric vehicle,” said raises further $2.65 billion... B4 days. He plans to emphasize to fuel its growth strategy. Net- themes of unity and recovery flix shares were up 12% in after- in his inaugural address. A4 hours trading. This Winter, Happiness Is The U.S. topped 400,000 Netflix’s continued sub- scriber growth comes amid Salesforce. Covid-19 deaths, as the pace A Warm Computer heightened competition from of fatalities has accelerated iii after a fall surge that left new streaming services includ- few corners of the country ing Walt Disney Co.’s Disney+, #1 CRM. Apple Inc.’s Apple TV+, AT&T Gamers and bitcoin miners find their PCs untouched by the virus. A3 Inc.’s HBO Max and Comcast The Trump administra- Corp.’s Peacock, all of which are dandy heaters; a toasty chicken coop Ranked #1 for CRM Applications based on tion concluded that China weren’t around a little over a IDC 2020H1 Revenue Market Share Worldwide. has committed “genocide year ago. The company got a 19.8% and crimes against humanity” boost from the coronavirus BY SARAH E. NEEDLEMAN border, now has a new con- against the country’s Uighur pandemic, which forced con- cern: “It’s getting too warm.” Muslim minority group. A9 sumers to cut back on a host of As winter approached, Dan With the health crisis keep- The DOJ won’t pursue leisure activities—from dining van der Ster worried his annual ing people home, computer charges against Sen. Burr af- out and vacations to visiting utility bill would skyrocket gamers and bitcoin miners are ter ending its investigation theaters and concert venues— since his family of taking greater of stock trades he made in as economies locked down. five was home- advantage of a bound with the pan- advance of the coronavirus With many people spending cold-weather more time at home, streaming demic. perk. The more market turmoil last year. A3 demand jumped. It hardly budged. they use their 5.3% While the majority of televi- While the elec- high-powered 4.8% CONTENTS Personal Journal A11-12 sion networks continue to be tric portion shot up machines, the 3.9% Arts in Review... A13 Property Report... B6 3.8% Business News.. B3,5 Sports......................