P2JW139000-6-A00100-17FFFF5178F ****** WEDNESDAY,MAY 19,2021~VOL. CCLXXVII NO.116 WSJ.com HHHH $4.00 DJIA 34060.66 g 267.13 0.8% NASDAQ 13303.64 g 0.6% STOXX 600 443.04 À 0.2% 10-YR. TREAS. g 1/32 , yield 1.641% OIL $65.49 g $0.78 GOLD $1,867.80 À $0.30 EURO $1.2225 YEN 108.89 Biden Takes Infrastructure Campaign for a Test Drive Bank What’s News Stocks On Path Business&Finance For Their nvestorshave driven up I bank shares this year, putting the stocks on track Best Year for what could be their best year on record com- pared with the S&P 500. A1 Even with Tuesday’s JPMorganisputting Mar- selloff, key index is up ianne Lake and Jennifer about 35% in ’21, while Piepszak, two of the contend- erstosucceed CEO Dimon, in GES the S&P 500 is up 10% charge of itssprawling con- IMA sumer-banking operation. B1 GETTY BY DAVID BENOIT Walmart’ssales contin- SE/ ued to rise during the re- Investorshavedriven up tail giant’sspring quarter, bank shares this year, putting although at aslowerpace ANCE-PRES thestocks on track forwhat than earlier in the corona- FR could be their best year on re- virus outbreak. B1 ENCE cord compared with the S&P AG 500. Home Depot extended a MM/ About $32 billion has been streak of robust sales KA S poured intobroad financial growth in itslatestquarter stocks this year, according to as an increase in demand BankofAmericastrategists, that began with the pan- NICHOLA BEHIND THE WHEEL: President Biden takes Ford’s new F-150 Lightning electric truck, covered in a black and white patterN already setting a full-year re- demic continued into2021. B3 used to camouflage new car models, for a drive in Dearborn, Mich., on Tuesday. Mr. Biden visited the company’s Rouge cord in less than five months. Biden and Yellen pro- Electric Vehicle Center and promoted his infrastructure plan, which includes funding for electric vehicles. A4 Theenthusiasm has helped moted the administra- BankofAmericaCorp.and JP- tion’s infrastructure and MorgaN Chase & Co. recently tax plans as vital for the issue gigantic bonds that rank U.S. to competeglobally. A4 as the two largest single bank deals in history, turbocharging Small investors who Israel Targets Hamas Leaders abig year forfinancial debt is- bet on Hertz in itsdis- suance. tressstand to be re- Afteryearsofunderperfor- warded as the rental-car mancesincethe 2007-08 fi- companyemergesfrom nancial crisis, and a particu- bankruptcy protection. A1 As Calls for Cease-Fire Grow larly brutal 2020,longtime U.S. stocks fell, with the bank investorsare feeling S&P 500, Dow and Nasdaq some long-awaited validation. retreating 0.9%, 0.8% and BY RORY JONES soNNel.Itsaid it has killed on social media of afighter analyst who has worked as an Analystssaid the stocks re- 0.6%, respectively. B13 senior membersofthe maNNingarocket launcher interlocutor between Israel main cheap,and manyshare- TEL AVIV—Israel said it group’sintelligencearm and and a message that the group and the militants, said Israeli holders view them as a rela- BofA said it plans to wasfocusing on targeted kill- on Sundaystruck the home of wasonly nowbeginning to se- statementsonthe targeting of tively safeinvestment that raise itshourly minimum ingsofHamas leadersinthe YahyaSinwar, the Hamas riously hunt down Israeli sol- Hamas leaderstypically sur- growsalong with the economy. wage to $25 by 2025,put- Gaza Strip as it tries to quell leader in Gaza. diersonthe edgeofGaza. facebeforethe fighting stops. U.S. stocks fell broadly on ting it on track to surpass the militant group’sopera- “Wewill hit anyone who Some observerssaid focus- “It’salways afamiliar crybe- Tuesday, including bank itsbig-bank peers. B12 tions there, defying calls fora belongstoHamas.Fromthe ing on targeted killings might fore acease-fire.” stocks,asinvestorsgrappled TheColonial Pipeline’s cease-fireamid arising civil- firsttothe last,” Israeli mili- giveIsrael the ability to stop President Biden voiced sup- with anumber of unknowns, ordering system suffered ian toll. tary spokesman Hidai Zilber- itscampaign in Gazabyde- port Mondayfor acease-fire including whether consumer intermittent disruptions, TheIsraeli militaryhas man told Kanpublic radio. claringvictorytothe Israeli in acall with Prime Minister prices will continue to rise. but the pipeline’soperator launched hundreds of air- Hamas, which rules Gaza, public,but risks spiraling vio- PleaseturntopageA7 PleaseturntopageA4 said it wasstill moving fuel strikes in Gaza aiming at said Israel has killed alimited lencewith Hamas attempting through the conduit. B3 what it said areHamas’smili- number of itsoperatives.ON to avengetheir slain leaders. Casualties and Covid-19 tax JPMorgan elevatescontenders tary infrastructureand per- Tuesday, it released an image Gershon Baskin,apolitical hospitals in Gaza..................... A7 fortop job....................................... B1 World-Wide Commercial Property Revives Israel said it was focus- Hertz Set Covid Rewinds Ye ars ing on targeted killings of The U.S. commercial real-estate market has proved resilient in Hamas leaders in the Gaza the pandemic, with prices falling far less than after the 2008 Strip as it tries to quell the To Reward financial crisis and already showing signs of rebounding. B1 militant group’soperations Of Gains on Poverty there, defying growing Unspentcapital held by U.S. commercial-property calls for a cease-fire amid Its True privatereal-estate funds* priceindex† a rising civilian toll. A1, A7 $360 billion 140 Economies in U.S., U.K. and China roar AbbVie’s pricing prac- tices forsome of itstop-sell- Believers ahead, while lower-income nations fall back ing medicines faced fresh 300 120 scrutiny from lawmakers, BY ALEXANDER GLADSTONE BY JOE PARKINSON Yetacrossthe developing the latest effort by members AND BECKY YERAK 240 100 world, where people are of Congressprobing the cost Covid-19 is reopening arift largely unvaccinated and gov- of prescription drugs. A3 When shares of Hertz between economies in the ernmentsare unable to afford 180 80 TheNew York attorney Global HoldingsInc.soared af- world’srichest and poorest sustained stimulus measures, general’soffice’sinvesti- terthe companyfiled for nations, driven by growth economies arefalling further gation of Trump’sbusi- bankruptcy ayear ago, finance 120 60 ratesthat aremoving firmly behind, struggling to rebound nessnow has acriminal professionals reacted with a in oppositedirections. from last year’s record con- component, aspokesman mixofconfusion and scorn. In the U.S.,economistsare traction. forthe officesaid. A3 Stockholdersroutinely get 60 40 forecasting areturn to boom- Themiddle classindevel- wiped out in bankruptcies, so time growth levels of the opingcountries,akey engine ANorth Carolina district whowould put money intoa “roaring 20s”;China’secon- of economic,educational and attorney said the fatal shoot- 0 20 stock like that? omyexpanded at arecord political development, is con- ing of Andrew BrownJr. by 2000 ’10 ’20 2000 ’10 ’20 sheriff deputies in April was Zack Konovitch would. The 18.3%inthe firstquarter; and tracting rapidly,but has justified, according to his 33-year-old real-estatebroker *2021 figureisasofApril 21 †100=August2007 Sources: Preqin (capital); Green Street (index) the U.K. is growing faster barely been dented in the from Brooklyn, N.Y.,said he in- than at anytime sincethe U.S. and China, according to reviewofthe state’sBureau vested in Hertz near itslow end of World WarII. PleaseturntopageA8 of Investigation’sprobe. A3 point in 2020. House Minority Leader Ayear later,small investors McCarthy said he opposed who bet on the companyinits Who Is That Unmasked Man? plans for a bipartisan com- distress aregetting the last mission to investigate the Jan. laugh. Thecentury-old rental- Oh, It’s Bob From Accounting 6assault on the Capitol. A4 cargiant is poised to mint big Salesforce. The House passed, in a gains forloyalistsonits way iii 364-62 vote, legislation out of bankruptcy.It’saresult that seemed unfathomable aimed at bolstering the coun- Face coveringscome off, creating #1 CRM. when itsbusinessunraveled try’sresponse to hatecrimes in the wake of violence early in the Covid-19 pandemic surprise,confusion; ‘not what Iexpected’ Ranked #1 for CRM Applications based on and another marker of an up- against Asian-Americans. A2 IDC 2020 RevenueMarket ShareWorldwide. side-down year in markets. BY JENNIFER lEVITZ Early in the pandemic,it Public-health experts and Mr.Konovitch said he is up took some adjustment to get scientistssay ahighly infec- about $15,000 on his Hertz Katana Scannell arrived at used to seeing fellow citizens 19.5% tious coronavirus variant bet. “I always thought some- work at aSam’sClub in Ath- walking around town looking firstidentified in India ap- one wasgoing to come in and ens,Ga., early Fridaybefore liketrain robbers.Then we pearstobefueling aprecipi- buy them out” because the opening hours and headed to grew accustomed to meeting tous rise in cases in Nepal. A6 companyisone of the biggest the back of the store. She was people from theeyesup, or rental-car providers, he said. greeted by ayoung woman maybe the top of the nose. Russell Moore,one of the top-ranking officials in the On Friday, abankruptcy walking the other way:“Good Now, Americans arein- Southern Baptist Conven- court approved awinning auc- morning, Katana!” creasingly ditching their tion bid that will hand control Ms.Scannell, who is 21, felt masks, creating a new conun- tion, is resigning his post. A3 4.8% of Hertz to institutional inves- baffled and unsure drum: unfamiliar naked 4.8% tors who wonaheated compe- who the person faces. 4.0% CONTENTS Personal Journal A9-10 tition to buy the companyout was: “I was like, TheU.S.Cen- 3.8% Arts in Review.... A11 Property Report... B6 Business News.. B3,7 Sports........................ A12 of bankruptcy as itsprospects ‘Hi?’ ” ters forDisease Crossword.............. A12 Technology.......... B4-5 brightened. Hertz expects Minutes later, Controland Pre- 2016 2017 2018 2019 2020 Heard on Street.B14 U.S.