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***** WEDNESDAY,NOVEMBER 25,2020~VOL. CCLXXVI NO.125 WSJ.com HHHH $4.00

DJIA 30046.24 À 454.97 1.5% NASDAQ 12036.79 À 1.3% STOXX 600 392.39 À 0.9% 10-YR. TREAS. g 7/32 , yield 0.881% OIL $44.91 À $1.85 GOLD $1,804.80 g $33.00 EURO $1.1894 YEN 104.44

What’s DowEclipses30000 forFirst Time News Milestone comes amid promising developments in the race for a Tuesday 30046.24 30000 BY AKANE OTANI vaccine to combat the global coronavirus pandemic and one day TheDow Jones Industrial after the standoff over the presidential transition ended 29000 Averagevaulted above30000 Business&Finance The Fedsignals forthe firsttime,aremarkable it will do rally that has liftedthe Apple's market Federal Reservesaysit U.S. and China report whateverit 28000 market to recordseveninthe value tops $1 trillion. could takeabreak from progressontrade cantohelp he Dowvaulted above raising rates. negotiations. the economy. midst of adevastating pan- T30000 forthe firsttime, demic. rising 1.5%, to 30046.24ina DowJones Industrial Average 27000 Theblue-chip indexrose remarkable rally that has 454.97 points, or 1.5%, to finish lifted the stock market to at 30046.24,aroughly 60% records even in the midst First-time 1,000pt.milestone 26000 climb from itsMarch nadir.It of a devastating pandemic. flirted with the level through- TheS&P 500 rose 1.6% to a outthe morning,coming just newhigh, while the Nasdaq 25000 shyofcrossing it several times added 1.3%. A1,A7, A7A,A7B beforebreaking through. Tuesday’sadvance came af-  GE warned employees 24000 terPresident Trump said his that morejob cutsare com- –19% administration would cooper- ing to the conglomerate’s atewith President-elect JoeBi- jet-engine businessbecause 23000 den’stransition to the White of the pandemic’simpact House,giving investorshope on commercial air travel. B1 Dowcloses above 20000 ,a U.S.-China WHO declares Salesforce, forthe first time on Dowcomponentfor trade tension coronavirus and that the countrywould be able  ViacomCBS is close to a Jan. 25,2017. morethan acentury, is escalates. global health 22000 to have asmooth transition of deal to sell Simon &Schus- replaced by Walgreens. emergency. replaceExxon, power. Morebroadly,much of tertoBertelsmann formore Pfizerand the market’srise in recent than $2 billion, atransac- Raytheon. 21000 months has been poweredby tion that would createa building hopes among inves- publishing behemoth. B1 tors that scientistsare on the 20000 brink of pushing out vaccines  Best Buy continued ben- effectiveenough to fight the efiting from online sales and About ayear andahalf,betweenmilestones novelcoronavirus. items that support home- 24 107 DAYS 54 DAYS 30 23 8 372 TRADING DAYS 90 DAYS 40 218 DAYS 19000 News of potential vaccines bound customersduring the comes at an important juncture pandemic but warned that 2017 ’18 ’19 ’20 forthe U.S. Thecountryhas re- those gains will taper off. B1 Cumulativepercentage change since –37% ported arecordnumber of cor-  Laptop sales, driven by the Dowfirst closedabove 20000 onavirus cases in the past people working and learn- week.The holidays arealso ap- ing from home, helped HP proaching,meaning manypeo- and Dell soften the impact ple will soon be deciding from lower spending on DJIA whether to travel and gather office equipment. B4 50% indoorswith friends and rela- tives.  J.Crew replaced itsCEO af- Thecombination had many terlessthan ayear in the role, investorsgearing up foralong and afew months afterthe and rockypath aheadfor the apparel seller emergedfrom economy. bankruptcy protection with Still, vaccine disclosures newhedge-fund owners. B3 Apple Salesforce Visa Nike UnitedHealth Home Depot Honeywell McDonald's have come this month from  Ed Stack is stepping down 278% 236% 232% 150% 150% 126% 108% 99% 84% 80% biotech firm Moderna Inc., as CEO of Dick’s Sporting pharmaceutical companies Goods. He will be succeeded Inc.and BioNTech SE, in the post by Lauren Hobart, and AstraZenecaPLC andthe the company’spresident. B7 University of Oxford, giving money managersanew shot of confidence. All three groups World-Wide Caterpillar P&G AmEx Amgen JPMorgan Disney Cisco Merck J&J 80% 59% 57% 43% 43% 40% 39% 31% 31% 28% have developed vaccines that have shown promise in pro-  Biden is moving quickly to tecting people against the cor- take advantageofgovernment onavirus. resourcesfor his transition Although most arestill ex- to the WhiteHouse afterthe pecting some setbacks,includ- PleaseturntopageA7A Trump administration ended Coca-Cola Intel Verizon Travelers DowInc. Chevron IBM Walgreens a 16-day stalemateand an- 26% 24% 22% 16% 16% 0% 0% –18% –30% –53% nounced itsintention to begin  More coverage on pages A7, cooperating with his team. A1 Source:FactSet Erik Brynildsen and PeterSantilli/ A7A, A7B  Trump has privately sug- gested he knows the battle to overturn the election’sresult is effectively over and has Buy-and-Hold Mantra Fuels ’ Rise begun to turn attention to his next act, adviserssay. A4

 The death rate from TheU.S.stock boom has its When there’sacrisis,buy. the U.S. Federal Reserveended much money in less-riskyin- Capital Management,which Covid-19 is falling in the U.S., rootsintactics that fund man- TheDow Jones Industrial apanic that wiped out trillions vestmentslikebonds.Sothey oversees around $1.1 billion in according to infectious-dis- agers, small savers and Robin- Averageclosed above30000 on of dollars in investmentsby arebetting that the market’s assets. Over the past 13 years, ease expertsand biostatis- hood tradersalikehaveapplied Tuesdayfor the firsttime,ex- outlining aplan to counter the momentum will continue, he typically held about afifth ticians,asign of advances tending an eight-month re- pandemic’seconomic stress. whether passively through in- of his firm’sholdingsincash. in treating the disease. A6 By Gunjan Banerji, boundthat has takenmanyan- Themarket appearstobein dexfunds or actively with a At the end of October,that fig-  TheCDC may soon shorten Akane Otani and alystsbysurprise.The blue- aself-perpetuating upwardspi- buy-on-dips mantra. urewas close to zero. the length of time it recom- Michael Wursthorn chip gaugeadvanced454.97 ral, defying the pandemic and “The real learning lesson This strategypaid off hand- mends a person self-quar- points, or 1.5%, to 30046.24, accompanying economic woes. over the last decade is youjust somely in the past forinvestors antine afterpotential expo- over the past decade: continuing arecent winning Some pessimistssay today’s put your head down, youdon’t who added to shareholdings sure to the coronavirus. A6 Don’t hide from marketsby streak that has put it on track gains will inevitably lowerre- trytotime the market, you around the March 2009 finan-  Purdue Pharma pleaded hoarding cash. forthe best month since1987. turns tomorrow.But lowinter- take advantageofweakness,” cial-crisisnadir and during re- guilty to three felonies related Keep hold of your invest- Therun has put the Dowup est ratesmean investorsbig said Dev Kantesaria, amanag- cession scares in 2011, to the marketing and distri- ments, and returns will follow. 62%fromits March low, when and small can’t expect to make ing partner at Valley Forge PleaseturntopageA7A bution of OxyContin, ending the bankrupt firm’sexposure to U.S. government action but Deck the INSIDE leaving other liabilities. A3 Biden Cleared forKey Briefing  TheU.S., EU and other do- Halls With norspledged billions in aid to Afghanistan but said dis- As Transition MovesForward bursement would depend on Tons of Decor progressinpeacetalks. A9 iii  The Catholic Church in BY ANDREW RESTUCCIA cooperating with his team. protect U.S. interestsassoon as China ordained itsfirst bishop Pandemic holiday AND SABRINA SIDDIQUI TheWhiteHouse granted ap- he takesofficeonJan. 20. sinceBeijing and the Vatican proval on Tuesdaytothe gov- Thebrief includes some of renewed an agreement on decorating starts WASHINGTON—President- ernment’sintelligencearm to the government’smost sensitive episcopal appointments. A9 elect JoeBiden is moving giveMr. Biden the president’s intelligence. Mr.Biden had been early, gets lavish quickly to take advantageof daily intelligencebrief,according blocked from receiving it. The  Died: David Dinkins, government resourcesfor his to the Officeofthe Director of timing of Mr.Biden’sfirst brief- 93, City’s first BY ANNE MARIE CHAKER transition to the WhiteHouse National Intelligence. Lawmakers PleaseturntopageA4 Black mayor. A10A AND JIM CARLTON JASONGAY afterthe Trump administration of both parties had argued that Coronavirus rewrites ended a16-daystalemate and step wasnecessarytoensurethe  Trump looks beyond his four- Fred Stewart wasdisap- declared itsintention to begin president-elect is prepared to year term...... A4 NOTICE TO READERS the rules forfamily pointed that he couldn’t throw WSJ.comand WSJmobile aholidayparty as usual this touch football this apps will publish throughout year,hedecided to decorate Thanksgiving. A14 the Thanksgiving holiday. his front yard in Rogers- The Wall Street Journal Ye llen FacesPolitical Storms ville,Mo.,for the firsttime. print edition won’tappear He bought four 6-foot snow- Thursday, but adaily edition men and an 8-foot Santa, and will be available in WSJiPad In Future Role as TreasuryChief is adding his owntropical and Android apps. theme, including 20 pink fla- mingos in Santacaps plus a4- CONTENTS Personal Journal A11-12 foot-tall hippo wearing apink Arts in Review... A13 Property Report... B6 Her Fed experience was unlike what cabinet secretaries encounter Business News.. B3,7 Sports...... A14 tutu. Crossword...... A14 Technology...... B4 “Wewerelike, what else Heard on Street.B14 U.S. News.... A2-3,6-7 canwedo?” says the 48-year- BY JON HILSENRATHAND NICK TIMIRAOS Yellen is looking at the most political role Markets...... B13 Weather...... A14 oldowner of aplumbing com- she has had in nearly three decades of high- Opinion...... A15-17 World News...... A8-9 pany. When she led President Bill Clinton’s profile policy making. Her job will be to for- With everyone spending so Council of Economic Advisersin the late mulate and defend Mr. Biden’s policies at a > much time at home,Ameri- BUSINESS&FINANCE 1990s, Janet Yellen confided to her husband, time when the economy is at a crossroads cans arethrowing themselves Pelotonraces to economist George Akerlof, about the chal- and the capital is deeply polarized. intoholidaydécor—and correctmonthslong lenges she faced navigating Washington’s po- Tough debates loom about how much they’reputting up the lavish litical storms. more the government should borrow and displays even earlierthan deliverydelays as Those storms are about to become Ms. PleaseturntopageA10 s 2020 Dow Jones & Company, Inc. All Rights Reserved usual. Pandemic-wearyhome- some fans defect. B1 Yellen’s headache again. As President-elect PleaseturntopageA10 ’s pick for Treasury secretary, Ms.  Heardonthe Street: Pick is boon forBiden... B14 P2JW330000-4-A00200-1------NS

A2 | We dnesday, November 25, 2020 NY **** THE WALL STREET JOURNAL. U.S. NEWS Consumer Outlook Dims as Virus Surges

BY GWYNN GUILFORD The ConferenceBoard Consumer ConfidenceIndex Consumers’ views of the (1985=100) economic outlooksoured in November as coronavirus 140 RECESSION cases soared across the coun- try, according to survey data 120 released Tuesday. TheConferenceBoard, a privateresearch group,said 100 itsindexofconsumer confi- dence fell to 96.1 this month, from arevised101.4inOcto- S 80

ber.Economistssurveyed by NEW G TheWall Street Journal had 60 expected a reading of 98.0. Americans’ dimming viewof OOMBER the economy’sprospectsinthe /BL 40

months ahead drovethe index’s MBERS

decline,said Lynn Franco, se- CHA 20

nior director of economic indi- TIN 2010 ’15 ’20

cators at theConferenceBoard. DUS “Consumers’ assessment of Consumers have begun pulling back on services that require close contact with others. A Kohl’s store in Woodstock, Ga., on Monday. Source:The ConferenceBoard present-dayconditions held steady,though consumers uncertainty and exacerbating Some stateand local gov- contact with others. Thevol- averageofnew Covid-19 cases Tracking Project, surpassing noted amoderation in business concerns about the outlook.” ernmentshave reinstated re- ume of seated dinerstracked climbed to 172,000 on Mon- the peaks of previous surges conditions,suggesting growth Tuesday’sreport comes strictions to combat the vi- by OpenTable,arestaurant res- day,according to aWall Street in April and July.Deaths are has slowedin[the fourth quar- amid other mixed data show- rus’sspread,though most ervation platform, reached its Journal analysis of Johns Hop- also climbing,though they are ter],” said Ms.Franco. “Heading ing the U.S. economic recovery have been morelimited than lowest level sincemid-August. kins data—morethan 2.5 lowerthan in the early months into2021, consumersdonot is continuing,but growth in those imposed in the spring. dataonpeople’smove- times the rate at thepeak of of the pandemic due to im- foresee the economy, nor the retail sales and employment Datafromprivatefirms sug- mentsshows trips to retail the summer surge.Nearly provements in treatment. labor market, gaining strength. has slowed. Initial claims for gest that consumershavebe- stores and restaurantsare at 84,000 people were hospital- This month’sconsumer con- In addition, the resurgenceof joblessbenefits,aproxyfor gunpulling back in spending their lowest levels sinceJune. ized with the disease as of fidencedataisbased on survey Covid-19 is further increasing layoffs, rose last week. on services that requireclose The U.S. seven-day moving Sunday, according to the Covid responses collected Nov.1-13. U.S. WATCH

ECONOMY MONTANA UTAH from the air Nov. 18 and landed officials arenot revealing it pub- Thanksgiving turkey, though to check it out during a break licly,worried thatpeople might both will retire to a new home U.S. Home-Price Spanish Speakers 2020 Space Oddity? from their work. get lost or stranded trying to find on the campus of Iowa State Growth Accelerates Settle Detention Suit Monolith Found They found the three-sided it and need to be rescued. University. stainless-steel object is about as — “We give thanks for the vac- Home-price growth acceler- Twowomen detained in north- Deep in the Mars-like land- tall as two men put together. cines and therapies that will ated in September, as a wide- ern Montana by U.S. Customs and scape of Utah’s red-rock desert But they discovered no clues WHITE HOUSE soon end the pandemic,” Mr. spread shortage of homes for Border Protection agents for lies a mystery: A gleaming metal about who might have driven it Trump said at one point. sale spurred competition among speaking Spanish while shopping monolith in one of the most re- into the ground among the un- Trump Skips Jokes Mr. Trump did not take ques- home buyers. at astore have reached an undis- mote parts of the state. dulating red rocks or why. In Turkey Pardon tions from reporters as he spoke The S&P CoreLogic Case- closed monetary settlementin The smooth, tall structurewas “This thing is notfromanother in the Rose Garden to more Shiller National Home PriceIndex, their lawsuit againstthe agency, found during ahelicopter survey world,” said Lt.Nick Street of the Nostalgia was in and jokes than 100 staff and guests, most which measures average home the American Civil Liberties Union of bighorn sheep in southeastern Utah HighwayPatrol, part of the were out Tuesday as President of whom wore masks. His tone prices in major metropolitan ar- of Montana said Tuesday. Utah, officials said Monday. DepartmentofPublic Safety. Trump offered a reprieve to a was more serious than in prior eas acrossthe nation, rose 7% in Ana Suda and Martha Hernan- The monolith evokes the one Still, it’s clear that it is some pair of meaty turkeys at the tra- turkey pardon ceremonies. the year thatended in Septem- dez, both U.S. citizens, said their thatappears in the StanleyKu- planning and work to construct ditional Thanksgiving turkey par- The president used last year’s ber,upfroma5.8% annual rate constitutional rights were violated brick movie “2001: ASpaceOd- the 10- to 12-foot monolith and don ceremony at the White pardon to make jokes about the the prior month. September when theyweredetained outside yssey.” embed it in the rock. House. impeachment process. marked the highestannual the store in Havrefor 40 minutes A crew from the Utah De- Because it’sfederal land, it’s The National Turkey Federa- In 2018, Trump joked about growth rate sinceMay 2014. after an agentdemanded their partment of Public Safety and illegal to placeobjects without tion presented the White House one of the turkeys contesting Sales of previously owned identifications. Division of Wildlife Resources authorization. with two birds, Corn and Cob. the election. homes, which makeupthe bulk of U.S. Customs and Border Pro- spotted the gleaming object The location is so remote that Corn was declared the national —Associated Press the housing market, rose 9.4% in tection said it didn’t admit liabil- September from amonth earlier ity and added that “the over- to the highestlevel since2006, whelming majority of CBP CORRECTIONS  AMPLIFICATIONS THE WALL STREET JOURNAL according to the National Associa- employees and officers perform (USPS 664-880) (Eastern Edition ISSN 0099-9660) tion of Realtors. Record-lowmort- their duties with honor and dis- (Central Edition ISSN 1092-0935) (Western Edition ISSN 0193-2241) gage rateshave increased de- tinction, working tirelessly every Aphoto with aBusiness Nov. 5, 2021, are canceled. Editorial and publication headquarters: mand, while the supply of homes day to keep our country safe.” News article on Mondayabout 1211 Avenue of the Americas, New York, N.Y. 10036 forsale has remained low, espe- The case emerged after Ms. U.S.-based Merck &Co.’s plans Confederatesoldiers were Published daily except Sundays and general legal holidays. cially at affordable pricepoints. Suda took a video of the May to acquire biopharmaceutical housed at the siteinGeorgia Periodicals postage paid at New York, N.Y., and other mailing offices. “The delayed spring home- 2018 interaction in which she company OncoImmune incor- that eventually became Fort Postmaster: Send address changes to The Wall Street Journal, 200 Burnett Rd., Chicopee, MA 01020. buying season fueled sales well asked Agent Paul O’Neill why he rectly showed the Darmstadt, McPherson. An article in the All Advertising published in The Wall Street Journal is subject to the applicable rate into October and past the time was questioning them. Germany, campus of Merck November issue of WSJ. Maga- card, copies of which are available from the Advertising Services Department, Dow Jones when they would normally begin “Ma’am, the reason I asked KGaA. zine about Tyler Perry incor- & Co. Inc., 1211 Avenue of the Americas, New York, N.Y. 10036. The Journal reserves the to slow down,” said George Ra- you for your ID is because I rectly said Fort McPherson right not to accept an advertiser’s order. Only publication of an advertisement shall tiu, senior economist for Real- came in here and I saw that you Seven-day cruises on Sea- housed Confederate soldiers. constitute final acceptance of the advertiser’s order. tor.com. “As the number of guys are speaking Spanish, bourn Odyssey to Alaska/Brit- Letters to the Editor: Fax: 212-416-2891; email: [email protected] homes for sale keeps shrinking which is very unheard of up ish Columbia and the Pacific Noticetoreaders Need assistance with your subscription? to new record lows, prices will here,” Agent O’Neill said in the Coastaren’t among cruises Wall Street Journal staff By web: customercenter.wsj.com; By email: [email protected] continue to rise at a quick pace.” video. The women had valid that have been canceled membersare working remotely By phone: 1-800-JOURNAL (1-800-568-7625) The Case-Shiller 10-city index Montana driver’s licenses. through Nov. 5, 2021. A Busi- during the pandemic.For the Reprints &licensing: By email: [email protected] gained 6.2% over the year ended In gathering information for nessWatch articleonMonday foreseeable future, please send By phone: 1-800-843-0008 in September, compared with a the lawsuit, the ACLU said Cus- about Carnival Corp.incor- reader comments only by WSJback issues and framed pages: wsjshop.com 4.9% increase in August. toms and Border Protection rectly implied that all voyages email or phone,using the con- News Corp, parent of The agents in northern Montana ac- on Seabourn Odyssey through tactsbelow, not via U.S. Mail. Our newspapers are100% sourcedfromsustainably certified mills. Wall Street Journal, operates knowledged they routinely pro- Realtor.com. filed nonwhite people. Readers can alert The Wall Street Journal to any errors in news articles by GOTATIP FORUS? SUBMIT IT AT WSJ.COM/TIPS —Nicole Friedman —Associated Press emailing [email protected] or by calling 888-410-2667.

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THE WALL STREET JOURNAL. ***** We dnesday, November 25, 2020 | A3 U.S. NEWS California Inmates Received Jobless Benefits

BY CHRISTINE MAI-DUC AND ALEJANDRO LAZO

California paid out more than $140 million forfraudu- lent unemployment claims made in the name of inmates in itsstate prisons and county jails, according to stateand federal prosecutorswho have been investigating the fraud for months. Among the people who filed claims with California’sunem- ployment agencyweredeath- rowinmates ScottPeterson, convicted of murdering his wife and unborn son; serial killer CaryStayner,who is on death rowatSan Quentin; and Isauro Aguirre, who wasconvicted of murdering an 8-year-old in a high-profile child-abuse case. In alettertoGov.Gavin Newsom, aDemocrat, the dis- REUTERS

trict attorneysofnine Califor- G/ nia counties called it “the most

significant fraud on taxpayer SENBER

funds in California history” and RO NE

asked foradditional resources JA to expediteinvestigations. Purdue Chairman Steve Miller, raising his hand in a courtroom illustration of the virtual court proceeding, entered a guilty plea on the company’s behalf on Tuesday. They said more than 35,000 claims have been made in the names of inmates at facilities runbythe stateDepartment of MakerofOxyContin Pleads Guilty Corrections and Rehabilitation and morethan half of those were paid out through August. BY SARA RANDAZZO to be paid; the government has by the U.S. attorney’s offices in that it knewwerediverting the $3 billionfromthe company’s Theprosecutorsestimated agreed to treat billions of dol- NewJersey and Vermont and drug forimproper uses,and current owners, membersof that thetotal amount of the Purdue Pharma LP pleaded larsinfines and penalties as ju- the consumer-protection failed to report those health- the Sackler family.The Justice fraudulent paymentsalready guilty to three federal felonies nior debt, potentially paid off branch of the JusticeDepart- care providerstothe DEA. Department separately struck a made could be close to $1 bil- related to the marketing and at less than 1cent on the dollar. ment. TheStamford, Conn., com- deal with the Sacklerstocon- lion statewide. distribution of itspowerful opi- JusticeDepartment lawyers At aTuesdayhearing held pany filed forchapter 11 bank- tribute $225 millionaspart of “Inmynearly four decades oid painkiller OxyContin, end- have said the discount is in- by videoconference, Steve ruptcy protection last year un- acivil settlement,without the as aprosecutor in this state, I ing the bankrupt company’sex- tended to leave moremoney for Miller,the chairman of Pur- der the weight of the stateand family membersadmitting to have never seen fraud of this posuretoU.S.government states and thousands of local due’sboard, told U.S. District local government lawsuits. Two anyliability. magnitude,” Kern County Dis- action but leaving other liabili- governmentsthat have sued JudgeMadeline CoxArleo in dozenstates, as well as agroup Thelatestcriminal plea cov- trict Attorney Cynthia Zimmer, ties to stateand local govern- Purdue Pharma over itsrole in NewJersey the companywould of Democratic U.S. senators, op- ersPurdue’sconduct from May who waspart of the investiga- mentslooming. fueling opioid addiction. Pur- plead guilty to three countsre- pose theplan to disburse future 2007—the same year the com- tion, said at apress conference Theguilty plea on Tuesday due has proposed emerging lated to illegal kickbacks and profits to the communities and panyand three of itsexecutives Tuesday. follows the approval last week from bankruptcy as some form misrepresentations made to the want Purdue’sassetstobesold pleaded guilty to federal crimi- In some cases,prisoners by aU.S.bankruptcy court of public trust, with future Drug Enforcement Administra- to privatebuyers. nal chargesofmisleading the mayhavebeen victims of iden- judgeofan $8.34billion settle- profitsgoing toward the munic- tion. In response to questions Other states have supported public about the addiction risk tity theft, according to the ment between Purdue Pharma ipalities. from prosecutors, Mr.Miller the proposed restructuring, of OxyContin and paid $634.5 prosecutors, with fraudulent and the JusticeDepartment. TheOctober settlement fol- admitted that Purdue pushed which Purdue says will create million in government penalties claims made in their names for Most of that money is unlikely lowedayearslong investigation OxyContin on dozens of doctors $10 billion in value,including and costs—through June 2017. which other people received themoney.But in other in- stances, they said, prisoners conspired on the claims with AfterOregonEases people on the outside who then sent them money in jail. McGregor Scott, U.S. attor- ney forthe Eastern District of Drug Laws,aRace

California, said several federal S

investigations intopotential PRES fraud were ongoing,with the To TreatAddicts TED

Federal Bureau of Investigations CIA

and the Department of Labor SO AS involved.Hesaid thereare po- BY DONALD MORRISON RebekaGipson-King,a

tentially thousands morein- spokeswoman for the Oregon AIGN/

mates in federal prisons in Cali- Nowthat Oregon voters Health Authority,said that the MP fornia involved in fraudulent have agreed to end nearly all processofstarting anew CA claims who have not yetbeen criminal penalties fordrug treatment center would usu- 110

identified and aprosecutor has possession, stateofficials have ally take at least 12 to 15 SURE

been hired to focus on the issue. just over two months to set up months.The stateagencynow MEA

Mr.Newsom said he had in- anew recovery-focused sys- has less than a year to create ON

structed the state’sOfficeof tem, atask that is particularly anetwork of treatment cen- YES Emergency Services to create complicated due to the ters. Petitions to decriminalize small amounts of hard drugs were delivered in Salem, Ore., in June. Covid-19 pandemic. “There’s a dearth of quali- Measure110,which goes fied service providers in Ore- vided and expand their hours,” into effect Feb. 1, allows a gon,” Ms.Gipson-King said. Ms.Elizalde said. “Plus,we’re maximum fine of $100 forpos- “So if people want to go into going to be able to use this 35K session of drugsincluding her- alcohol and drug treatment funding to do things like em- oin, cocaine and methamphet- work,now’s the time to do it.” ployment support and housing Claims that have been made in amines along with a People experienced in deal- assistance.” the names of inmates mandatoryhealth assessment. ing with addictssay that re- Mr.Marshall, who opposed The first statewide law of its moving legal consequences for Measure 110, said that thanks kind in the nation passed with drug possession will makeit to a2017law that reduced support of 58% of voters this harder to motivatesome to drug-possession chargesinOr- a task force to coordinate ef- month. It also mandates new seek treatment. egon to amisdemeanor from a fortstocombat unemployment recovery centers, paid forby “Ifyou don’t paythe hun- felony, most addicts don’t go insurancefraud and assist the marijuana taxesand savings dred-dollar fine, what are the to jail nowunlessthey have district attorneys. In July,Mr. from less incarceration. consequences forthat?” said committedother crimes or Newsom announced a “strike Butpeople experienced in David Sanders, who has have been arrested multiple team” tasked with finding dealingwith drug addiction worked as an officer in forpossession of large waystomodernizethe state’s sayOregonisn’t prepared to Portland PoliceBureau fora amounts of drugs. unemployment system. That offer treatment to anyone decade. “There are no conse- Nationwide,accesstotreat- team said in itsSeptember re- caught in possession of an ille- quences.That will not act as a ment is down due to the pan- port that it wasaware of re- galdrug, especially in the demic,with the National portsofinmates receiving midstofapandemic that Council for Behavioral Health benefitsbut that the agency’s makes in-person treatment State­funded reporting that 65% of itsmem- fraud detection measures had harder at the same time that bershad to turn away patients failed to discover them. overdoses arerising.State- addiction centers because of Covid-19 restric- “Unemployment fraud across funded addiction-recovery will operate by tions. local jails and stateand federal centers will operate by phone Formanydrug-treatment Unity prisons is absolutely unaccept- only,initially,with the first phone only, initially. centers, the number of inpa- able,” Mr.Newsom said. “We physical locations due to be tient beds available wasdras- will continue to fully partner operational by October 2021. tically limited by distancing UNITY with lawenforcement and di- “They’lltell youwhereto guidelines. Large numbers of BUNDLE BRACELET rect as manyresourcesas go but they will not offer deterrent and is essentially outpatient treatment centers needed to investigateand re- treatment,” said MikeMar- worthless. Every cop will tell also moved online,with group solvethis issue speedily.” shall, executivedirector of Or- you that.” meetingsbeing held over Therevelationscome amid egon Recovers, an advocacy Proponents of Measure 110 Zoom or getting canceled alto- ongoing pressureonCalifor- group for people in recovery. said that criminalizing addic- gether. nia’sEmployment Development “And they will not provide any tion has been ineffectivein AndreMacCracken, 29 Department, which handles un- financial assistanceand they promoting recovery. yearsold, gotsober through a employment benefitsand has won’t put youtothe front of Mercedes Elizalde,public program called Turning Point, been overwhelmed by aflood the line,which is what ajudge policydirector forCentral City while serving a24-month sen- of claims during the pandemic. can do if you’re in his court.” Concern, anonprofit that tenceinOregon’sColumbia Theagencysaid last week it Drug overdose deaths rose fights homelessness, poverty River Correctional Institute has processed $110 billion in Oregon 70%inApril and and addiction in Oregon, said forcrimes related to his addic- worth of unemployment bene- May compared with the same the stateisn’t starting from tion. He was released in May. fits from atotal of 16.4 million months last year,according to scratch and alarge portion of “For me personally it didn’t claims sinceMarch. the most recent dataavailable. the new money for treatment matterifthe judgewas telling PAULMORELLI.COM Officials said they were also More than 40 states have re- could be poured intoproviders me I had to go to treatment,” NYC: 895MADISON (72ND&MADISON) cutting intoabacklog of claims ported increases in opioid-re- that are already operating. Mr.MacCracken said. “But I PHL: 1118WALNUTSTREET in which people who have filed lated deaths during the pan- “We’re going to be able to would saythat prison had forbenefitshavewaited for demic,according to the take existing facilities and ex- some effect on me getting so- 212.585.4200 morethan 21 days. American Medical Association. pand what services arepro- ber. It’s a tricky question.” P2JW330000-4-A00400-17FEFF5178F

A4 | We dnesday, November 25, 2020 P W L C 10 11 12 H T G K R F A M 1 2 3 4 5 6 7 8 9 O I X X **** THE WALL STREET JOURNAL. U.S. NEWS Trump Looks Beyond His Four-Year Term

While publicly vowing he has alleged swayed the out- He has repeatedly expressed come of the election. There is interest in running forpresi- to fight on, president no evidenceofwidespread dent again in 2024, which some has turned attention voter fraud. advisershaveurged him to do But privately, even the few as away to save face, telling to what will follow adviserstothe president who himhecan decide whether to

hadargued he still had ashot followthrough later. GES

BY REBECCA BALLHAUS over the last week nowlargely People close to the presi- IMA AND CATHERINE LUCEY concede he has no path to vic- dent don’t expect him to for- tory, aides say. mally concede or acknowledge GETTY WASHINGTON—President Thereis“universal realiza- that he lost the election at any SE/ Trump has publicly vowed to tion” among WhiteHouse staff, point. Mr.Trump’slawyers, keep up the fight to overturn said aperson close to the ad- they say, will likely keep up ANCE-PRES

the election. Privately, advis- ministration: “It’sover.” the appearanceofafight until FR erssay,the president has sug- Jenna Ellis, a legal adviser the Electoral Collegeholds its ENCE

gested he knows the battle is to the Trump campaign, said: formal vote on Dec.14. The AG effectively over—and has be- “Our legal strategyhas not campaign has sent dozens of

guntoturn his attention to his changed, nor has the presi- emails aday seeking to raise NGAN/ next act. dent’scommitment to fight for money by citing the legal

Three states whose results election integrity.” She said fight, aportion of which is go- MANDEL Trump lawyershad con- RudyGiuliani,Mr. Trump’s ing to aleadership PACthe President Trump arriving in the Brady Briefing Room of the White House on Tuesday. tested—Michigan, Pennsylva- personal attorney who is lead- president controls. nia and Nevada—certified ing his legal effort, and other In the days leading up to people telling him to end it, ing for an opportunity to go Mr. Trump had been taken their results this week.The lawyersonthe team speak the GSAannouncement on administration officials and in. Nowit’sthe opposite,” an aback by some of her claims Trump legal team and itsallies with the president several Monday,some of the presi- people close to the White administration official said. and noted the criticism among have lost dozens of rulings in times aday.The WhiteHouse dent’sclosest advisers—includ- House say. “You never knowwherethere’s his allies about the lack of evi- several states,including apar- didn’t respond to arequest to ing,according to people famil- “Everybody’s trying to strad- going to be this moment dence, an administration offi- ticularly critical dismantling comment. iar with the discussions,White dle the fenceand avoid him wherehe’slike, well whydon’t cial said. “That waswild, of their case in Pennsylvania Aweek ago, aides had de- House chief of staff Mark flipping out,” said one official. youdoX-Y-Z crazy thing.” wasn’t it?” he remarked to one by afederal judgeonSaturday. scribed the president as fix- Meadows, WhiteHouse coun- In aWest Wing wheread- Mr.Trump has also pri- adviser about Ms.Powell’s And on Mondayevening,the ated on hislegal battle and sel PatCipollone and JaySeku- visershaveoften loitered near vately expressed some con- claims. General Services Administra- the various unfounded allega- low, the president’spersonal the Oval Officeinthe hopes of cerns about his legal team. On The president continues to tion said it would begin for- tions his team was floating. attorney—had told him he being asked inside,therehas Sundaynight, he moved to remain loyaltoMr. Giuliani, mally providing federal re- More recently, administra- didn’t need to concede but that been noticeably lessangling distancehis operation from even as several advisers have sourcesfor President-elect Joe tion officials say, the presi- he should allowthe transition among aides to getanaudience Sidney Powell, an attorney told Mr.Trump or said pub- Biden to begin atransfer of dent’s focus appearstohave to moveforward, as Republi- with the president in recent whom he had named as a licly that he isn’t being helped power,amovethe president broadened. In private conver- canallies in Congresspublicly weeks,administration officials member of the team in a Nov. by the former mayor. “Some said he recommended but sations,hehas polled advisers signaled their impatience. said. Aides have said privately 14 tweet and who had ap- people say he is, some people didn’t amount to aconcession. on what he should do next, While thereare just ahand- they areconcerned that the peared alongside Mr. Giuliani say he isn’t,” Mr. Trump told “We are moving full speed musing about howhecan stay fulofpeople lefturging the presidentmight ask them for at anewsconferenceThurs- one adviser who expressed ahead,” Mr.Trump tweeted relevant in the media and in president to keep up the legal something that would draw day, whereshe alleged awide- concern that Mr.Giuliani lateMonday. He said he would the Republican Party and how fight—among them, Mr.Giu- them intothe legal battle. ranging international conspir- wasn’t doing him anyfavors. “never concede” to the fraud he can earn money. liani—thereare equally few “Usually everybody’s look- acy to steal the election. “But he’s always on my side.” What Happens Next Before Inauguration

BY GABRIEL T. RUBIN a White House official, to en- sureheisprepared to protect TheGeneral Services Ad- U.S. interestsassoon as he ministration has ascertained takes office. that JoeBiden wasthe appar- Thetransition’spolicy-area ent winner of the Nov.3presi- teams arevetting possible dential election, marking the nominees forcabinet posts start of the formal transition that requireSenateconfirma- process. tion as well as other appoint- Here is some of what is ex- mentsthat don’t requirelaw- pected to happen next as Mr. makers’ support. Some of the Biden inches closer to taking confirmation hearingsare ex- the oath of office on Jan. 20. pected to begin while President

Mr.Biden has teams of peo- Trump is still in office, allow- S

ple,divided by policyarea, ing Mr.Biden to start with PRES who will meet with designated some of his team installed on TED agencyand departmental offi- hisfirst dayinoffice. OCIA

cials to get them up to speed. Many of Mr. Trump’s most SS

Thework is particularly im- important hires areunaffected /A ER

portant in areas wherethe Bi- by the transition to anew ad- ST den administration can’t afford ministration. Federal Reserve KA to missabeat onceittakes Chairman can YN ROL

over,such as the coronavirus- be fired only for cause and is CA vaccine development and dis- virtually guaranteed to stay on President-elect Joe Biden and Vice President-elect Kamala Harris on Tuesdayasheintroduced picksfor his national-securityteam. tribution effort. Health and until at least the end of his Human Services SecretaryAlex term in 2022. Federal Bureau fortstocoordinatewith his tran- which prevented Mr.Biden’s will begin migrating to govern- Azar said Tuesdayhewould be of Investigation directors are Transition sition team were “sincere.” transition team from accessing ment email addresses in stages, sharing materials with the Bi- appointed to 10-year terms to “Immediately,we’vegotten morethan $6 million in govern- beginning firstwith aides on den team immediately. distancethem from political outreach from the national secu- ment funds,barred the presi- theteams that interact with The Trump administration winds, but Mr. Trump’s firing Team Acts rity shop to just acrossthe dent-elect and his aides from federal agencies. has granted Mr.Biden ap- of then-Director James Comey board,” Mr.Biden said in an in- accessing federal agencies,and Though Mr.Biden’steam has proval to receivethe presi- in May2017broke with that terviewwith NBC News on kept Mr.Biden from receiving access to alarge officespaceat dent’sdaily brief,according to precedent. Quickly Tuesday. “And they’realready certain classified briefings. the Commerce Department, working out my ability to get With the GSA’sdesignation, aides said most transition staff presidential daily briefs,we’re Mr.Biden and his team arealso will continue to work remotely ContinuedfromPageOne already working out meeting expected to be given access to because of the pandemic. JOURNALISTSDON’T ing wasstill being worked out, with the Covid team in the beefed-up cybersecurity protec- On Monday, Mr.Biden WhiteHouse and transition offi- White House and howtonot tion and federal resourcesto named key membersofhis na- ‘JUST WRITE STORIES.’ cials said. Thepresident-elect only distributebut getfroma vetnominees as he fills thou- tional security team and his said he expected to begin receiv- vaccine being distributed to a sandsofgovernment jobs. firstcabinet selections.Mr. Bi- ing regular briefingssoon. person able to getvaccinated, so WhiteHouse chief of staff den said he had chosen Antony THEY RECORDHISTORY. At the same time,Mr. Bi- Ithink we’regonna not be so far Mark Meadows wroteinan Blinken,his longtime foreign- den’sadvisers began initial dis- behind the curveaswethought email to staff that the adminis- policy adviser,toserveassec- cussions with career officials at might be in the past.” tration would “comply with all retary of state,and Jake Sulli- executiveagencies to review Mr.Biden continued pushing actions needed to ensurethe van, anotherformer aide,ashis hundreds of pages of briefing forwardwith building his ad- smooth transfer of power.” He national security adviser. materials and getuptospeed ministration, formally introduc- said aidesweren’t permittedto Mr.Biden also said he would on theinner workingsofthe ing his picks forkey nationalse- speak directly with amember of nominateAlejandroMayorkas, a federal government. Transition curity roles Tuesdayatanevent the Biden transition team or a Cuban-American and former officials began reaching out to in Wilmington, Del. deputy secretaryatthe Depart- agencyofficials on Monday “It’sateam that reflectsthe ment of Homeland Security, to night, immediately afterthe fact that Americaisback,” Mr. Biden staffers held be the firstLatino to lead the Trumpadministration said it Biden said. “Ready to lead the department.Avril Haines, afor- would begin working with the world, not retreat from it. Once about 20 meetings mer deputy national security ad- president-elect’steam, atransi- again sit at the head of the table. with officials at viser to President , tion official said. Ready to confront our adversar- is slated to be nominated as di- By Tuesdayafternoon, the ies and not reject our allies.” federal agencies. rector of national intelligence transition team had made con- Mr.Biden wasflanked by his and would be the firstwoman to tact with everyfederal agency. intended nominees,manyof hold the position if confirmed. About 20 meetingsbetween them veterans of the Obama Former SecretaryofState transition staff and officials at administration, forroles that federal transition coordinator John Kerryistoserveasspe- federal agencies were held, and includesecretaryofstate,sec- unless“specifically authorized.” cial presidential envoy forcli- moreare scheduled in the days retary of homeland security,di- according to acopy of the email. matechange,aposition on the ahead, the official said. Career rector of national intelligence TheWhiteHouse and federal White House National Security government workershavebeen andambassador to the United agencies have designated transi- Council. Linda Thomas-Green- “responsive, receptiveand help- Nations. tion liaisons tasked with work- field,aveteran diplomat, was ful,” the transition official said. Thetransition team had ing with Mr.Biden’steam. named as Mr.Biden’sU.S.am- TheDemocratic president- been preparing forthe Trump President Trump,aRepubli- bassador to the United Nations. elect’sadvisers areplanning to administration to change can, said he had authorized his Thegroup took turns speak- make responding to the corona- course and end itspolicyof administration to cooperate ing at Mr.Biden’sevent in Wil- virus pandemic apriority.They blocking government resources with Mr.Biden’steam, but he mington, vowing to recommit set up meetingswith officials at to Mr.Biden. Mr.Biden’stech stressed that he hadn’t conceded theU.S.toglobal alliances on the Health and Human Services team migrated the president- the election. “Remember,the climate, trade and national secu- Department and the federal elect’stransition websiteover GSAhas been terrific,and Emily rity issues afterfour yearsofMr. Centersfor Disease Control and to government serversshortly Murphyhas done agreat job, Trump’snationalistapproach. Prevention,among other agen- afterthe administration’san- but the GSAdoes not determine “Multilateralism is back.Di- cies,todiscussvaccine distribu- nouncement Mondaynight. who the next President of the plomacyisback,” Ms.Thomas- Learnmore aboutthe impact your tion and other Covid-19 priori- General Services Administra- United Stateswill be,” Mr. Greenfield said. journalism career can have on the world. Wall Street Journal reporter Erin Ailworth ties.Mr. Biden said that his staff tion chief Emily Murphysaid Trump posted on . Some of Mr.Biden’schoices and othersshare career advice at has been in touch with Dr.An- Mondaythat her agencywould Asked on Tuesdaywhether forhis administration must be dowjonesnewsfund.org/careers. thonyFauci, the government’s provide federal resourcesfor he would meet with Mr.Trump, confirmed by the Senate. Con- topinfectious disease expert. Mr.Biden to begin atransfer of Mr.Biden said, “Of course I trol of the Senatehinges on two Mr.Biden said he believed power. She had been facing bi- would, if he asked.” runoff elections in Georgia on the Trump administration’sef- partisan criticism forthe delay, Transition officials said staff Jan. 5. P2JW330000-0-A00500-1------XA

THE WALL STREET JOURNAL. We dnesday, November 25, 2020 | A5

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A6 | We dnesday, November 25, 2020 **** THE WALL STREET JOURNAL. U.S. NEWS More Americans Are Surviving Covid-19

Treatmentadvances death rates rise,” said Florian Krammer,aprofessor of vacci- help lowerthe toll, but nology at the Icahn School of experts sayitwill rise if Medicine at Mount Sinai in . cases continue to soar Death rates can change de- pending on the availability of BYSARAH TOY health-careresources, such as hospital beds and staffing in Thedeath rate from an area. That, along with the Covid-19 is falling in the U.S., location’spatientdemograph- according to infectious-disease ics,explains whyrates vary expertsand biostatisticians,a from placetoplace, he and signal of advancementsin other experts say. treatment of the disease. Statesand municipalities But the death rate could that have the virus under con- climb with the latest nation- trol and aren’t overwhelmed wide rise in cases, they warn. will tend to have lower death Thecoronavirus is nowkill- rates, said Dr. Krammer, who ing around 0.6% of people it recently published a paper in infects, an improvement from thejournal Nature estimating April, when the death rate was the infection fatality rate of about 0.9%, says the Institute Covid-19 in the spring in New forHealth Metrics and Evalua- York City,which he and his tion at the University of Wash- colleagues peggedataround ington. 1%. The death rate can swing Jeffrey Shaman, an infec- between around 0.2% and 1.5% tious-disease modeler at Co- depending on the location, he GES lumbia University’s Mailman noted. “It’sdynamic,” he said. IMA School of Public Health, says Themetric is also ex-

the current death rate could GETTY tremely sensitivetothe ageof be even lowerthan that, at A/ patients, as well as their pre- roughly 0.15%. The death rate UR existing health problems,pub- AM of seasonal influenza is 0.1%, lic-health expertsand biostat- NAK

based on datafromthe U.S. GO isticians say. People who are Centersfor Disease Control Doctors now have a better understanding of how to treat respiratory issues caused by the coronavirus, public-health experts say. older aremorelikely to die of and Prevention. Covid-19,asare people who Death ratesare also im- favoroflessinvasivemethods say that metric doesn’t accu- infection fatality rate mea- within aperiod and use that struggle with obesity,diabetes proving as infections shift to- of oxygenation. Routine use of rately reflect the true death sures the number of deaths as to gauge the true death rate. or other issues that increase ward younger people,who are anticlotting drugsand the ste- rate because it doesn’t count afraction of all Covid-19 infec- Therecent improvement the risk of having asevere at less risk of severe Covid-19 roid dexamethasone has also people who don’t get tested. tions,regardlessofsymptoms could proveshort-lived if cases course of illness. than older people,public- likely helped tamp down infec- That wasespecially true or testing status.Researchers in the U.S. continue to surge, When IHME researcherses- health experts say. tion fatality ratesinthe U.S. early on in thepandemic, all have slightly different ways public-health expertssay,al- timated the death ratesin Controlling forfactorslike overall, Dr.Murray said. when testing wasn’t widely of calculating the infection fa- though they haven’t modeled each state in early November, ageand pre-existing illness, Researchershavelabored available.Scientistsalso know tality rate, but most use com- exactly what that could look the metric ranged from place IHME director Christopher over the past year to pin down nowthat manypeople don’t plexmathematicalmodels and like. Death rateswill likely to place. In Florida it was Murray said he and his col- the virus’sdeath rate,which have symptoms when they get surveysofblood teststhat climb again as patientsover- 0.7%, while in Alaska it was leagues found the drop in the helpspublic-health experts infected, and asymptomatic identifypeople in apopulation whelm hospitals,straining 0.4%. IHME said it didn’t take national death rate canbe andauthorities project the people oftendon’t seek out who have antibodies against theircapacity and staff and intoaccount case loads or largely linked to improvements course and severity of the testing.Both issues have led thecoronavirus.That helps lowering quality of care,they health-caresystemcapacity in patient management and pandemic.Sincethe beginning to case fatality rates that are them identify what is known say. TheU.S.has nowtopped forthese calculations,and the treatment.Doctorsnow have a of the pandemic,health au- higher than theactual death as the ascertainment rate, an 12.4million confirmed cases, different ratesamong states betterunderstanding of howto thorities have tracked ametric rate,though the two arebe- estimateofthe number of and hospitalizations have hit were mostly due to the ageof approach the respiratoryis- known as the “case fatality ginning to converge as testing confirmed cases as a fraction severalrecordhighs. those in the population and sues caused by the virus, es- rate,” the number of deaths di- becomes morewidely avail- of actual infections.Research- “When cases go up,asthey rates of obesity. chewing mechanical ventila- vided by all recorded cases of able, epidemiologists say. erscan then estimatethe total arehereand in Europe,hospi- —Jason Douglas tion,which carries risks,in Covid-19, but epidemiologists In contrast, the so-called number of people infected tals getovercrowded and contributed to this article. CDC ExpectedtoShorten Time forSelf-Quarantine

BY BETSY MCKAY tive, he added, “then their part by that same pandemic probabilityofgoing on and fatigue—is sending thousands TheU.S.Centersfor Disease developing an infection after intolengthyquarantines and Control and Prevention may that is pretty low.” increasing the burden on pub- S

soon shorten the length of Thereisarisk that some lic-health agencies to track PRES

time it recommends that a infections would be missed, thesepeople,aswell as on TED

person self-quarantine after Dr. Walke said, but it may be companies confronting large CIA SO

potential exposuretothe coro- worth the potential trade-off. numbersofemployees out due AS navirus,hoping that such a “Hopefully,people would be to 14-day quarantines. step will encouragemorepeo- better able to adhere to quar- Thenumber of newinfec- ple to comply,atop agencyof- antine if it was, forexample, tions in the U.S. topped ficial said. seven to 10 days,” he said. 169,190 on Monday. CDC officials are finalizing Health authorities have rec- Howaquarantine’slength TIMES-TRIBUNE/ recommendations foranew ommended a14-dayquaran- affectspeople’swillingnessto quarantine period that would tine,along with other precau- comply, however, hasn’t been likely be between seven and 10 tions like wearing masks and well studied, public-health ex- DOLAN/THE

days and include a test to en- keeping adistance, to curb perts say. PHER

sure aperson is negativefor transmission of the virus.The Thenew recommendation TO

Covid-19,said HenryWalke, quarantine length is based on could increase demand for CHRIS the agency’sincident manager the time researchersbelieveit testing at a time when capac- New CDC recommendations would include a test to ensure a person is negative for Covid-19. for Covid-19 response. takesfor infection to lead to ity is already strained, poten- Agencyofficials aredis- symptoms. tially making it difficult for lic Health, citing estimates he Lessler said. A shorter period France, Germanyand Bel- cussing the exact time period Yet some public-health ex- some people to quarantine for and other researchershave ending with atest might be gium, experiencing their own and what type of test aperson pertssay 14 days is toolong in a shorter period. published. justifiedbeforereturning to surge of infections, have al- would be given to exit quaran- certain cases, citing evidence About 50% of people who “Ifwecould getpeople to an office with others who are ready cut the length of time tine, he said. about howlong someone is in- become ill develop symptoms quarantine—and really quar- healthy. Yetafull 14 days people who arepotentially ex- “Wedothink that the work fectious combined with the between five and six days af- antine,likeyou can’t go to the might be moreprudent before posed to Covid-19 need to self- that we’vedone,and some of latest strategies fortesting for terthey areinfected, while 9% grocery store when you quar- visiting an elderly relative. quarantine.The World Health the studies we have and the the virus. Moreover, they say, develop symptoms after10 antine—then Ithink there’san A14-dayquarantine period Organization currently recom- modeling data that we have, people arewearyafter months days,and 2% after14days, argument forshorter times,” is warranted in countries that mends a14-dayquarantine, shows that we canwith testing of restrictions. said Justin Lessler, an epide- he said. have few cases,hesaid, be- but expert groups that advise shorten quarantines,” he said. A huge surge in new infec- miologist at the Johns Hop- Quarantine lengths can de- cause one missed case could it arereviewing the data, a If atest comes back nega- tions in the U.S.—fueled in kins BloombergSchool of Pub- pend on the situation, Dr. spark a new outbreak. WHO spokeswoman said. AstraZeneca Is Gearing Up to Va ccinate the World By 2022

BY JOSEPH WALKER AstraZenecaexecutives say making enough vaccine doses to the vaccine to Latin America, traZeneca’sprofile with global live virus into the factory, re- AND JENNY STRASBURG they plan to supply every re- support early clinical trials.The starting with 150 million doses leadersand health organiza- quiring anew air system. That gion of the world by 2022 processhad to be reinvented in the first half of 2021. tions.Italso has brought heavy is anormal job forbig phar- Among the front-runners without profiting directly from forglobal production across Thedrugmaker has also risks.Along pause in U.S. clin- maceutical companies,says racing to deliver aCovid-19 the vaccine during the pan- some two dozencontract manu- reached deals to partner with ical trials caused delays and the Jacobs operations director shot, AstraZeneca PLC has demic.Working in partnership facturersand partners, from or sell itsvaccine to other skepticism as rivaldrugmak- who managed the job,Lindsay theleast vaccine experience. with the University of Oxford, Brazil to Japan and Australia. countries,rich and poor,in- ers’ vaccines progressed. Mon- Gerding.The timeline? “It was But it has promised the world the companyispricing the In June,the Serum Institute cluding the U.K.,the U.S.,Rus- day’smixed efficacydata not normal.” The 12-week job the most doses—morethan vaccine at $3 to $5 a dose. of India,the world’sbiggest sia, South Koreaand China. Dr. fueled views among some in- normally would have taken three billion. That is afraction of the vaccine maker by volume, Soriot said AstraZeneca’sRus- vestorsand scientiststhat the closer to a year, she says. Thecompanyhas assembled price of each of the two lead- sian manufacturing partner AstraZenecashot could prove AstraZenecaembedded sci- an unprecedented network of ing vaccines,which have has the capacity to makeone lesseffectivebut still provide a entistsand engineersinside its manufacturingand distribu- showntobemorethan 90% Britishdrugmaker billion doses.That could be crucial pandemic weapon with partnerstotroubleshoot pro- tion partnersspanning the effective in late-stagetrials: extended into2022, boosting global reach. ductionissues.TakeEmergent globe,complementing aseries one from Pfizer Inc. and Ger- says morethan three the three-billion-dose count al- In the spring,asAstraZen- BioSolutions Inc. of Gaithers- of deals with governmentsthat many’s BioNTech SE, and the billion doses will go to ready announced fornextyear. eca’smedical team enrolled burg, Md. In May, the U.S. have sought to lock in vaccine other from Moderna Inc.Their AstraZeneca’s far-reaching tens of thousands of clinical- agreed to purchase 300 million supplies fortheir countries. initial supply agreements are everyglobal region. pledgeoflow pricing and study volunteersglobally,its doses with acontract nowval- TheBritish drugmaker this with wealthier countries. world-wide distribution were manufacturing side racedtose- ued at $1.6billion, ahugeorder. week said the resultsfrom AstraZenecaexecutives said hallmarks of the April deal it curematerials made scarce by AstraZenecaenlisted Emergent late-stageclinical trials in the Mondaythey arepoised, pend- made with Oxford, where sci- the pandemic.“Howdoyou get and arival to manufacturebulk U.K. and Brazil found itsvac- ingregulators’ signoff,toroll agreed to supply one billion entistsinsisted on supplying millions of vials in ahurry? quantities of the vaccine. cine wasasmuch as 90% effec- out hundreds of millions of dosesfor low- to middle-in- the globe at a low cost. Howdoyou getresins foryour Emergent, which is also tiveinpreventing infections. doses in the 2021 firstquarter, come countries.The family- AstraZenecaistackling the manufacturing?” PamCheng, manufacturing aCovid-19 vac- Dependingonthe dosage, the ramping up production each owned Indian drug giant pre- task of rapidly developing and AstraZeneca’shead of global cine in development by John- shot’s efficacy ranged from month to meet demand. That viously joined with Oxford on deploying apandemic vaccine operationsand information son&Johnson, produces mass 62% to 90%, with the higher has positioned the drugmaker amalaria drug.Ithas made 40 afterreinventing itself in re- technology, said in an interview. batches that arefrozenand number applying to alimited as thelikely dominant supplier million doses of the Oxford- cent yearsasacancer-drug In early May, AstraZeneca stored in large bagsorcontain- subset of trial volunteers. to the developing world forvac- AstraZenecavaccine already, powerhouse.Ithad suffered signed on Jacobs Engineering ers. Eventually,the frozen Still, even at an averageef- cinating poor and hard-to-reach AstraZenecaChief Executive years of shrinking revenue as Group Inc. to retrofit a moth- batches will be thawedand fed ficacy of 70%, researchers populations wherehealth-care Pascal Soriot said Monday. blockbusters in itsportfolio balled drug-production line in intovials at AstraZeneca’sOhio called the results a promising services aresparse,analystssay. AstraZenecaalso has an were hit by generic competi- aplant the drugmaker owns plant and another similar facil- sign that the two-dose shot Oxford, using itsown small agreement with Mexico’sCar- tion when patents expired. north of Cincinnati. Making a ity in Albuquerque,N.M., runby could help stem the pandemic. manufacturing facility,was los Slim Foundation to supply Thevaccine has raised As- vaccine meant introducing a AlbanyMolecular Research Inc. P2JW330000-0-A00700-1------XA

THE WALL STREET JOURNAL. We dnesday, November 25, 2020 | A7 DOW 30000

Milestones on the Trading Floor Draw Cheers, Hats—and Masks Investors Look Past Virus

Market’s rise is fueled While the stock market has reboundedfromthe pandemic,anumber of economic indicatorslag by hopes vaccines behind investor enthusiasm. Job postings on Indeed,change Number of travelerspassing U.S. seateddinersfromonline, will set scene for sinceFeb.1ofeach year* through TSAcheckpoints phone and walk-in reservations, an economic recovery change from year earlier 2018 20% 3 million 0 % BY HARRIET TORRY 2019 Among the big reasons for 2019 –25 climbing stock prices is inves- tors’optimism about the 0 2 strength of the economic re- covery in the years ahead. –50 While recent datashoweco- 2020 2020 nomic growth slowing and –20 1 consumer confidenceflagging, –75 10000 points—March 29, 1999 marketsare forward-looking and betting the recovery will gain steam, analystssay,par- ticularly with Covid-19 vac- –40 0 –100 cines on the horizon. They are Feb. Nov. March Nov. March Nov. cheered by hopes the shots *7-day moving average Sources: Indeed (job postings); TSA(number of travelers); OpenTable (reservations) will ease uncertainty and even- tually enable people to fill air- government economic stimulus. finity Solutions and research TopDemocratsare calling planes,sportsstadiums,res- Unlikesmall and privately groupOpportunity Insights on SenateMajority Leader taurantsand other places of held businesses,the big public showedthat overall spending Mitch McConnell (R., Ky.) to businesshardest hit by crisis. companies in the major stock was down 4.5% in the week restart negotiations on an- Investorsare looking to indexescan moreeasily access ended Nov.8compared with other coronavirus relief bill af- mid- to late-2021 when “condi- capital and have robust balance Januarylevels. Spending in ter months of stalemate. tions should return to normal sheetstoget them through pe- states with thehighest daily Some economists are more and we’renot going to have riods of turmoil. That buffer reported Covid-19 cases per circumspect about financial toomuch long-term disruption enabled large firms to adapt head—likeSouth Dakota, Min- markets’ enthusiasm,saying to the economy,” said Gus Fau- morequickly to rapid techno- nesota, Nebraska and Wiscon- that investorsaren’t factoring cher,chief economist at PNC logical changes brought about sin—has declined moresharply in the potential formore Group. by the pandemic,likethe boom than the national average. stringent lockdown measures, Some forecastersare even in e-commerce and contactless IHS Markit, an economic likethose recently imposed in moreoptimistic,expecting delivery, abig advantage com- analysis firm, projectsU.S. Europe,ifthe pandemic wors- economic activity to surge pared with the smaller busi- grossdomestic product will ex- ens in the U.S. If bars, restau- SE 20000 points—Jan. 25, 2017

NY with the release of pent-up de- nesses and family-owned pand at a3.9%annual rate in rantsand gyms have to shut S; mand. Households have paid stores and restaurantsthat are the current fourth quarter, down again widely,the unem-

PRES down debt andthe personal going bust in droves due to the down from arecord33.1% pace ployment rate is likely to rise

TED saving rate wasahigh 14.3% coronavirus pandemic. in the thirdquarter when many aftergradually dropping to

OCIA in September,according to the “Size gives all kinds of op- businesses reopened afterpan- 6.9% in October from nearly

SS Commerce Department, com- portunities for flexibility, and demic-related shutdowns. 15%inthe spring. /A pared with 8.3% beforethe flexibility wassuper important Investorsare encouraged by James Knightley,anecono-

DREW pandemic.That suggests in asituation likethis [pan- continued government stimu- mist at ING Financial Markets households have money to demic] when no one knew lus and the possibility of LLC,said the market’sgrowth spend, when they can. what wasgoing to happen more. TheFederal Reservehas outlook is “veryrose-tinted” RICHARD

S; “This is one of these times next,” said LauraVeldkamp, a indicated it won’t be raising as the macroeconomic back- wherethe disconnect between professor of economics and fi- interest rates from near zero drop could deteriorate in the PRES marketsand the economy nanceatColumbia University. anytime in the near future. It newyear,onceanationwide TED makessense,” said Joseph Economistsexpect the next has been buying $80 billion in eviction moratorium, asus- CIA

SO Brusuelas, chief economist at few months to be tough forthe Treasurys amonth and $40 pensionofstudent-debt pay- AS RSM US. He said if avaccine is U.S. economy. Consumer spend- billion in mortgagebonds,net mentsand taxbreaks forbusi- successful, that “does create ing is slowing,with retail sales of redemptions,sinceJune af- nesses lapse.Several NADEL/ conditions forwell above- growth weakening in October ter buying even largerquanti- unemployment-aid measures AM trend growth next year and and restaurant reservations de- ties beginning in March to passed in the spring have al- AD

P: the year after.” clining.The number of new ap- curb market dysfunction. ready expired or areset to ex- TO 30000 points—Nov. 24, 2020 Other factorsbehind the plications forunemployment Economists say central bank- pire at the end of the year. OM

FR market gains include size—pub- benefits rose sharply in the erscould provide morestimu- “The optimism is there, I The Dow Jones Industrial Average added 10000 points in 46 lic companies traded on finan- week ended Nov.14, reflecting lus,ifthey decide it is needed, just fear the near-term growth months, much faster than its climb to 20000 from 10000. cial exchanges tend to be large, continued high levels of layoffs. by shifting the composition of storyisgoing to be very tough which is an advantagenow— Credit- and debit-carddata these purchases toward lon- foralot of households and and the prospect of continued collected by research firm Af- ger-dated Treasurys. businesses,” Mr.Knightley said. How the Dow Has Evolved

BY KAREN LANGLEY This creates some anomalies Corp., which joined the indexin in howthe two indexesrise 1928 as StandardOil of New TheDow Jones Industrial andfall. Alarge rise in Unit- Jersey.Now, Procter &Gamble Averagecrossed the 30000 edHealth Group Inc.,which Co., which wasadded in 1932, mark for the first time Tues- closed Tuesdayatabout $336, holds that title.Companies that day, aftermorethan acentury has amuch largerimpact on have come and gone over the of tracking the stocks of big theDow than an equivalent yearsinclude SearsRoebuck & U.S. companies.The blue-chip rise in Apple Inc., which Co., Studebaker,Woolworth index’sups and downs tell the traded at about $115. But Ap- and National Cash Register. daily storyoffinancial mar- pleisabout six times as large kets formanyonMain Street, as UnitedHealth by market Howoften does the Dow just as itsevolution since1896 value—so trading in Apple membership change? shows howthe economyhas shares has a larger impact on Thereisnoschedule.Some changed. Hereissome Dow the S&P than does similar companies have left and later knowledge: trading in UnitedHealth. returned. International Busi- nessMachines Corp.was Howisthe indexcalcu- What arethe origins of added in 1932, dropped in lated? the Dow? 1939 and reintroduced 40 TheDow,which tracks the CharlesDow,the firstedi- yearslater. Coca-Cola Co. stocks of 30 largeU.S.compa- torofThe Wall Street Journal joined in 1932, dropped out in nies,includes all major industry and co-founder of Dow Jones 1935 and reappeared in 1987. sectorsexcept utilities—which, &Co.,the publisher of the Both companies areinthe along with transportation Journal, created the Dowaver- Dow today. stocks,are represented in sepa- agetohelp explain stock-mar- rate indexes—and real estate. It ketmovementstohis readers. Whodecides which stocks is calculated by summing the An averageof12stocks was go in the Dow? prices of the30stocks and di- published daily in the Journal Membership is determined viding by afactor,the “Dowdi- beginning in 1896.(An earlier by acommitteeofrepresenta- visor,” that helps to smooth stock average, consisting tives of S&P DowJones Indices over infrequent changes like mostly of railroads,was and the Journal. Thecommit- stock splitsand newindexen- printed in apredecessor publi- teeconsidersU.S.-based firms trants.The current divisor is cation in 1884.) with “excellent reputation” 0.15198707565833.(Sincethe and capacity for sustained divisor is lessthan 1, the result- Do any original members growth that arewell-followed ing “average” is greater than of the Dow remain? by investors, according to the JEWELRYASART thesum of the stock prices.) No.Beforeitwas replaced indexmethodology. by Walgreens BootsAlliance RENÉ LALIQUEGLASS NECKLACE How is the Dow Jones In- Inc.in2018, General Electric How much money follows dustrial Averagedifferent Co.was the last member of the the Dow? Legendary maker.Art Deco elegance. from other benchmarks,such original 1896 group,though GE At the end of 2019,about One-of-a-kind beauty. This exceptionally as the S&P 500? had been removed and rein- $28 billion wasindexedtothe rare glass bead necklace is the work of TheDow is weighted by stated in the intervening years. Dowininvestment products shareprice. Other indexes Beforeits removal in August, that sought to replicateits René Lalique, one of the most important such as the S&P 500 are the longest-tenured member of performance, according to S&P artisans of the Art Deco period. This weighted by market value. the Dowwas Exxon Mobil Dow Jones Indices. jeweled work of art combines his two great talents: glassmaking and jewelry design. Each of the eleven beads were molded by themaster’shand himself, and each reflects theelegant geometricaesthetic that defined the era. Signed “R. Lalique”. Circa 1920. 48” length. #31-2369 GES IMA ETTY /G ORBIS /C UDIO

ST 622 RoyalStreet,New Orleans,LA•877-677-2801 •[email protected] •msrau.com N TO Since1912, M.S. Rauhas specialized in the world’s finest art, antiques and jewelry. Backed by our unprecedented125% Guarantee, we stand behind each and everypiece. WHITTING DICK Coca-Cola has been in and out of the index. Above, bottle inspection in Southern California, 1933. P2JW330000-4-A007A0-1------XA

A7A | We dnesday, November 25, 2020 **** THE WALL STREET JOURNAL. DOW 30000

Shareofindividuals who believe stocks will rise Average daily options volume guessIhaveahigh risk toler- Buy-Hold overthe next six months, weekly ancecompared with most peo- 60% 30 million contracts ple,” he said. “But I’m confi- dent in the long-term futureof Nov. 12: 55.8% 28.8 million Mantra the economyand stock invest- As of Nov. 16 Optimism among individual investors ing.” 50 is at anearly three-year high. 25 Some prominent Wall Street FuelsStocks figures, including billionaire Leon Cooperman, saycentral banks’ actions have overheated ContinuedfromPageOne stocks,raising concerns around 2015-2016 and 2018. 40 20 whether the market’sclimb can Thejust-buy-it strategyis continue unabated. “The Fedis working again forinvestorsin driving the bus,driving every- popular stocks such as electric- one further out along the risk carmaker Tesla Inc.and vac- 30 15 curve,” Mr.Cooperman said in cine manufacturer Moderna an interview. “We’veborrowed Inc. Tesla shares areupmore from the future. But when the than sixfoldthis year,while party’s over,who pays the bill? Modernashares have roughly Someone pays forthat bill.” quintupled. 20 10 Tradingvolume has surged to newhighs on options ex- Tech-stock factor changes,wheremanyindivid- Concerns remain that the ual investorscongregate. Inves- 10 5 market is swayed by big tech tors have opened millions of stocks,potentially spurring vol- newbrokerage accounts at atility if thegroup’sperfor- CharlesSchwabCorp., TD mancedisappoints. Thefive Ameritrade Holding Corp., Rob- largest S&P 500 stocks—Apple, 0 0 inhood MarketsInc.and others Microsoft, , Alphabet, following the introduction last 2017 ’18 ’19 ’20 1980 ’90’00 ’10 ’20 Facebook—recently accounted year of no-commission trading. foralmost aquarter of the in- Stock-discussion threads on dex’smarket capitalization, websites such as Reddit and Equity vs.bond yields,weekly* Number of close to arecord, according to 3.5% 35 Twitterare multiplying. single-day moves Goldman Sachs. John Bianco, a55-year-old of at least3%, Manyinvestorsworryabout real-estateattorney who lives up or down, for aperiod of sustained low in Massapequa, N.Y.,said he 3.0 30 the DowJones growth and lowreturns,like has made morethan 300 trades Industrial Average the one that gripped Japan. over the past several months, S&P500 TheNikkei Stock Averagehit a dividend yield† 27 surpassing his few dozenorso 2.5 25 record in 1989—just shyofa in previous years. When lock- As of highly anticipated 40,000-point downsall but closed his law Nov. 17 mark—and hasn’t reclaimed practice,hebought aPeloton those highs,closing at 26165.59 bikeand began watching CNBC 2.0 20 on Tuesday. in the morningswhile pedaling. Thereare important con- His purchases included trastsbetween Japan’sposition shares of Tesla, which he said 1.5 15 then and America’snow,in- have morethan tripled since, cluding major structural differ- and cybersecurity firm Crowd- ences in the economies,Amer- StrikeHoldingsInc., which ica’syounger population and 1.0 10 have morethan doubled. He 10-yearU.S. theFed’srapid and aggressive bought FedEx Corp., DocuSign Treasury yield response to the latest down- Inc.and Square Inc., all big turn. Yetsome asset managers gainers. “In ayear whereIhave 0.5 5 saythey arebracing forshrink- very little income,I’vebeen ing investment returns ahead. luckyenough to increase the “Currently,weare advising size of my portfolio,” said Mr. 0 0 all our clientstoinvest as dif- Bianco, who said he is up about ferently as they canfromthe 47%this year atop amore- 2016 ’17 ’18 ’19 ’20 2008 ’10 ’12 ’14 ’16 ’18 ’20 conventional 60% stock/40% than-20% gain in 2019.“It’s bond mix,just as we were ad- crazy. It’sastock market I *Data through Nov. 20.†Previous 12 months. Sources: American Association of Individual Investors (sentiment); FactSet (yield); Options Clearing Corp. (options) vising them in 1999,” Peter never thought I’dsee.” Chiappinelli of investment Underpinning the gains is tum dissipates. most bullish since2018. “I wasbuying the dip,orthe Expectations that interest manager GMO,which oversees the math of slow-growing Though economic activity Optimism amongindividual crash,” said Mr.DaSilva, who rateswill stay lowerfor longer about $60 billion in assets, Western economies.This year’s hasgenerally recoveredmore investorswas at itshighest in shares his experiences on Tik- have challenged conventional wrotethis month pointing to interest-ratecollapse,driven quickly than manyanalystsan- almost threeyearsinNovem- Toktomorethan 60,000 fol- wisdom that abalanced portfo- stock valuations that appear partly by the Fed’seffortsto ticipated, and employment has ber and has remained elevated, lowers and the gaming plat- lio should be 60% stocks and overly stretched and Treasurys keep money flowing through risen significantly in the according to recent American form Discord, wherehehostsa 40%bonds.“To geta6%ex- that have grownexpensive, ap- the economy,has helped buoy months sincethe spring lock- Association of Individual Inves- community of traders, “and I pected return moving forward, pearing unlikely to serveasa stocks by reducing bonds’ at- downs ended, joblessnessre- tors surveys. Their trading ac- wasright.” youmay have to hold more hedgetostocks. tractiveness. Corporateearn- mained 6.9% last month.Before tivity has doubled from last This year’s market crash and stocks than ever before,” said But afteralong stretch of ingsare expected to rebound the pandemic,the last time the year and nowaccountsfor ascent have happened at an Sébastien Page,head of T. higher risks—including aglobal next year,and the U.S. economy unemployment rate wasthat about afifth of the totalstock- alarming and volatile pace. Rowe Price’sglobal multi-asset trade warand election uncer- has steadily improved since high wasatthe end of 2013. Stocks fell intoabear market— division. tainty—the outlook is growing spring,though it remains far Themarket’sresilienceis adropofatleast 20%—at the SamPemberton,71, aretired brighter.The election has from whereitstarted the year. striking to manyportfolio man- ‘It’scrazy,’ says one fastest paceinhistory. The lawyer in Austin, Texas,said passed, and aCovid-19 vaccine Some traderssay stocks also agersbecause U.S. Covid-19 Dow’srecoverytoanew high despitehis age, he buysonly is likely soon. benefit from fearsthat federal caseloads have soared to re- individual investor. took just 193 trading sessions, stocks and mutual funds.“I Goldmansees the S&P 500 and central-bank stimulus will cords, and some jurisdictions ‘It’sastock marketI compared with an averageof don’t believeinbonds,” he said. potentially ending next year at eventually result in adamaging areagain taking steps to limit morethan five yearsinprior “It’safoolish adventurefor 4300,supported by abounce- bout of inflation, though there opening hoursfor bars, restau- neverthought I’dsee.’ drops.The Dowhas morethan most people.” back in earningsand economic arenosigns of such an up- rantsand other businesses. doubled over the past 10 years. Over the past decade,here- activity.JPMorganChase &Co. surge.Manyanalystswho were Some analystsfear areplayof TheDow has jumped up or vamped his stock portfolio,re- forecaststhe S&P 500 will long skeptical of stocks’ pros- February, when newhighs down at least 3% on moredays placing shares of old-economy jump to 4000 by early next pectsnow believethat they are came just days beforethe eco- market activity most days and this year than in anystretch companies such as Altria Group year,a10% advancefromTues- likely to continue rising. nomic slowdownsent the Dow aquarter of trades during since2008,according to Dow Inc., Philip Morris International day’sclose,with apath to and S&P intofreefall. heavy-volume sessions. Jones . Inc.and Colgate-PalmoliveCo. around 4500 by the end of “Recoveringfromthe pan- Michael Da Silva, a24-year- with fast-growing tech stocks 2021. Dubious investors demic,” said SolitaMarcelli, old living in Toronto, said vola- like MicrosoftCorp., Google Theprospect of congressio- Bearsmakethe case that chief investment officer forthe tile days have provided oppor- Ultralowrates parent Alphabet Inc.and Apple nal gridlock alongside Demo- stocks cannot continue double- Americas forUBS Global tunities to buy,including Anchoring the market is the Inc.Last year,hesaid, he beat crat JoeBiden in the White digit percentagegains without Wealth Management, “will be shares of tech giantslikeAma- belief the Fedwill always step the S&P 500 by asmall margin, House makes it lesslikely big borrowing from futuregrowth, thekey driver of market re- zon.comInc.and Facebook Inc. in,especially afterits bigger- andhehas exceeded his goal of overhauls on corporatetaxes as they effectively did in the turns in 2021.” He recently held shares of tech than-ever effort earlier this doubling his money every and regulations will pass, re- run-up to the market peak in Investorsplowed$32.5bil- companies along with aspe- year.The postcrisis eraoful- seven years. sulting in what ateam of JP- 2000.Investorswho bought lion intoU.S.stock funds over cial-purpose acquisitioncom- tralow interest rateslooks set He said he’supabout 16% Morgan strategistsled by Du- and held stocks in the months the week ended Nov.11, the pany—known as a“blank-check to continue foryears, with cen- this year.Hemoved athirdof bravko Lakos-Bujas called around the March 2000 Nasdaq most sinceearly 2018 and the company”—that makes itsown tral banks taking drastic steps his seven-figureportfolio to “market nirvana” in aNovem- record suffered alost decade of second-highest weekly totalin investments. He said his port- to support economies through cash ahead of the stock mar- ber notetoclients. lowand, at times,negativere- datafromEPFR Global going folio swelled this year and the the pandemic.Low rateshave ket’sswoon and re-entered “The equity market,” they turns.Otherswarn about back to 2000.Institutional in- returns helped him makepay- made lower-risk investment re- soon afterthe Fedtook action, wrote, “isfacing one of the greater volatility in months and vestorssurveyed by Bank of mentsonagold two-door Toy- turns generally harder to come buying manyofthe same tech best backdrops forsustained yearsahead, as market momen- Americawererecently the ota. by. stocks he has long held. “I gains in years.”

employers to layoff millions of we will still have to fight with U.S. GDP,quarterly change in online shopping and Alpha- pared with their earnings. Index Rises workers, decimating industries the virus,how serious the over- bet Inc.posting arise in digital “For investorstolook to from hospitalitytoretail to en- all economic consequences in 10% advertising revenue forthe start thinking about other parts tertainment. thelonger runwill be,what RECESSION July-through-September period. of markets, youneed asus- To New More recently,though, the kind of vaccines could be made “The indexesonthe whole tained recovery,” Mr.Levitt U.S. economyhas shown signs available to awide public,and 5 arerecovering nicely,but said. Right now, the economyis of revival. As some of the most by when,” said Tatjana Puhan, within the underlying sectors, still in itsearly stages of re- Milestone hard-hit states in the early deputy chief investment officer there’sstill asignificant disper- building,hesaid. stages of thepandemic ven- at Tobam. sion between winnersand los- What could derail the recov- tured out of their lockdowns,a Nevertheless, investorsbet- 0 ers,” said Jim Baird, chief in- ery? Manyofthe fearsthat in- ContinuedfromPageOne measureofmanufacturing and ting on stocks’ comeback said vestment officer of Plante vestorshad in past years, such ing the potential forsome peo- services activity rose forasixth the market’ssurge indicates Moran Financial Advisors. as U.S.-China trade tensions or ple to refuse to take the vaccine straight month,datafirm IHS several things: faith that front- Mr.Bairdsaid his firm, wary acentral-bank policymisstep, or supply-chain issues that Markit said in November. runnersinthe race to develop –5 of the potential forapullback seem to have takenaback seat might hinder distributing the Home sales surged to a14- coronavirus vaccines arecloser in growth stocks,has begun to to the pandemic.For now, some vaccine,investorssaid the year high in September,buoyed to afinal product, confidence tilt moreofits investmentsto- investorsand analystssaid overallpicturelooks better by rock-bottommortgagerates that the emergencymeasures ward areas of the market that their primaryconcern is that than it did in the spring. that drew in buyers. Retail- the Federal Reserve put in –10 haven’t led the rally,such as the coronavirus spreads so “We’vebeen abeliever in sales datahaveshown people placethis year have stabilized 2010 ’15 ’20 small-caps,international stocks much over the winter and human ingenuity from the out- boosting spending on vehicles, the financial system, and, ulti- and value. spring that states areforcedto Source:Commerce Department set,” said MikeStritch,chief in- clothing and other goods,an mately,hope that the economy via St.Louis Fed “There’s that risk of inves- shut down their economies vestment officer and national encouraging sign, though over- will be able to continue itslong tors piling intoashortlist of again, as has been the case head of investmentsfor BMO all expenditures have remained recovery. bound sinceMarch has been names at almost anypriceand throughout partsofEurope. Wealth Management. belowpre-pandemic levels. Mr.Biden, aDemocrat who poweredbyshares of fast- ignoring the other stocks,other Even that risk is difficult to “Everyone is betting on Mr.Trump,aRepublican, is set to take officeJan. 20, growing companies.Ama- businesses,” Mr.Bairdsaid. assess. “Look at what we’ve some progressthis year,and called the 30000 milestone a also named aCovid-19 advisory zon.comInc., Apple Inc.and Manyinvestorshavebeen gone through over the last six that’sour base case,too,” he “sacred number” in ashort news boardthis month and pledged Netflix Inc.are each up more drawntofaster-growing tech- months.The news just changes said, adding that his firm has conference. “Nobody thought to sparenoeffort to stop the than 45%for the year. nologycompanies because they so rapidly,” Mr.Bairdsaid. this year mostly concentrated they’d ever seeit,” he said. pandemic. Thegap between the mar- seefew other alternatives in an What brings comfort to clients’ portfolios in shares of Theeconomyisn’t out of the Themarket’sgains haven’t ket’shaves and have-nots economic environment charac- manyisthe general sense that, large U.S. companies while woods.The U.S. isn’t clear of been even. Even with itsrecent pointstojust howsplit the eco- terized by lowgrowth, interest compared with March, things trimming positions in riskier the pandemic,either.Inthe advances,the Dowisup5.3% nomic recovery from the pan- ratesand inflation, said Brian have improved. “Hopefully emerging-market debt and non- coming months,the U.S. faces forthe year,compared with the demic has been, investorssaid. Levitt, global market strategist we’velearned athing or two,” investment-grade holdings. multiple threatsasmillions of S&P 500,which is up 12.5%, and Manytechnologyfirms have at Invesco. Theoppositeeco- Invesco’sMr. Levittsaid. “This Themarket’scomeback from studentsreturn home from col- the tech-heavy Nasdaq Com- enjoyedrobust growth through- nomic scenario typically bene- recovery is going to happen itsMarch lowseemed implausi- lege, families gather forthe posite, which is up 34%. out aturbulent period forthe fits value stocks.That group of- with some fits and starts, but bleatfirst. Stocks climbed even holidays and fluseason pro- Thereason forthe disparity: broader economy, with Amazon tenincludes retail, energy and ultimately,Ithink we’resetting as lockdowns aimed at slowing gresses. technologystocks. reporting record sales forthe financial stocks,manyofwhich the stagefor what will be the the coronavirus’sspread forced It isn’t yetknown “how long Much of the market’sre- thirdquarter thanks to asurge trade at lowvaluations com- startofalong cycle.” P2JW330000-2-A007B0-1------XA

THE WALL STREET JOURNAL. ** We dnesday, November 25, 2020 | A7B DOW 30000 RallyHeralds Wider Gains GES

In Market IMA ETTY /G

BY AMRITH RAMKUMAR have spurred double-digit per- DER

centage gains in the S&P 500 RY

TheDow Jones Industrial and Nasdaq Compositethis VID Average’sascent to 30000 year.The advances have led DA S; Tuesday signals more compa- some analysts to argue there NEW

nies are beginning to partici- is aseismic disconnect be- G pateinthe newbull market, tween the stock market, which

offering hope to investorswho continues to set newhighs, OOMBER

have long waited for the rally and the economy, which is still /BL to widen. recovering from the pandemic.

Apple Inc.and Microsoft Manyanalystsalso have re- MORRIS

Corp.weretwo of the biggest mained skeptical of the stock- UL contributors to the blue-chip market rally because the cycli- PA index’slatest10,000-point calsectorshadn’t participated, VID DA

milestone,ajourney that took untilrecently.The market’sre- P: nearly four years. But it wasa lianceonahandful of internet TO OM

November rally in lagging cy- stocks concerns these inves- FR clical stocks including Boeing tors who saythat abroader Apple added more than 2,500 points to the Dow during its march from 20000 to 30000. This month, Boeing’s shares have surged. Co., Honeywell International climb with morecompanies Inc.and Goldman Sachs Group hitting new highs will lead to climb when investors are an- Inc.that helped push the 30- a steadier advance. ticipating stronger growth and stockindexoverthe hump. Therecent Dowrally there- inflation. Higher yields can Upbeat trial results forcor- fore sends arosy signal to help bank stocks,lifting the onavirus vaccines developed those who contend that major gapbetween what they payon by Moderna Inc.and the duos indexesperform best when the deposits and charge on loans. of Pfizer Inc.and BioNTech economyisexiting arecession Therecent gains in cyclical SE and AstraZeneca PLC and and growth-sensitive compa- stocks will test whether anew the University of Oxfordare group of companies canlead reordering the market’swin- major indexeshigher.For ners and losers, prompting Arallyinlagging much of the past decade,tech- wagers that the U.S. economy nologyhas suffered brief peri- will return to normal more cyclical stockshelped ods of underperformance, only quickly than anticipated. pushthe 30­stock fortheir consistent growth in That would be aboon for aworld with ultralowinterest the Dow, which is oriented to- indexoverthe hump. ratestoattract investorsonce ward shares of banks and again. Lowrates limitreturns manufacturersthat arepartic- from holding cash and bonds, ularly sensitivetothe econ- making shares of companies omy’strajectory. Theindex nies such as banks lead the that canrapidly grow earnings has trailed the S&P 500 and way.Boeing,Honeywell and more appealing. Nasdaq Compositebyahis- Goldman have each risen at Apple itself added more toric margin in 2020 and is up least 25% this month, power- than 2,500 points to the Dow 5.3% in 2020.Itpeaked at ing the Dow to new records. during its march from 20000 29551 in February, dropped as “A very important 2021 to 30000,highlighting the lowas18592 in March when narrativeisgoing to be recov- iPhone maker’s key role in the the economy shut down, then eryand reflation,” said Yousef global economy. UnitedHealth recoveredits losses more Abbasi, global market strate- Group Inc., Microsoftand software company Sales- the Dowabout 3½ yearslater. dent that themes like remote slowly than its peers. gist at StoneX Group,referring Home Depot Inc. are next on force.com Inc.was recently It then became the firstU.S. work and cloud computing will That is partly because the to economic expansion that is thelist of large contributors added to the Dow, in part be- companytojoin the trillion- persist beyond the pandemic, Dow has missed out on much aided by stimulus programs. to the 10,000-point milestone, cause Apple executed a stock dollar club,with itsmarket giving tech stocks an edge. of this year’s boom in technol- “It tees up apotential rotation underscoring howinvestors split that loweredits share value passing $1 trillion in Au- “Even when we go back to ogystocks.Investorshave away from asector that has have favoredstocks tied to priceand itsweighing in the gust 2018 and $2 trillion in some sort of newnormal, I piled intoshares of internet carried this market.” technology, health care and in- index. The Dow gives compa- August 2020. don’t think anyofthese trends giantssuch as Amazon.com In another sign investors home activities lately. nies with higher stockprices EditorsatThe Wall Street will change,” said Michael Lip- Inc., Facebook Inc., Google aremoreoptimistic about the “Technology is a defensive more influence. As Salesforce Journal participate in select- pert, who manages the Baron parent Alphabet Inc.and economic outlook,the yield on sector now, which is crazy,” joined the index, Exxon Mobil ing the stocks in the Dow, Capital Opportunity Fund, other tech stocks that aren’t the benchmark 10-year U.S. said Gene Goldman, chief in- Corp.was one of the compa- though the indexitself is now whichcountsMicrosoft, Al- included in the index, betting Treasurynotehas recently vestment officer at Cetera In- nies removed. part of S&P Global Inc. phabet and Amazon among its they would emerge as winners hovered around 0.9%, up from vestment Management. Apple first overtook Exxon While manyanalystsare largest holdings. of the stay-at-home trends. arecordlow of 0.501% hit ear- In another sign of technol- as theworld’s most valuable hoping forabroader rally in —Ben Eisen Therallies in those stocks lier in the year.Yields tend to ogy’simportance, business- companyin2011 and joined the future, some remain confi- contributed to this article. Dow’sBearMarketssince1896, Monthly Closes Nov. 24:Closes above 30000 30000 Jan. 25,2017:First close above 20000 20000 The Dow, which closed above 30000 forthe first time Tuesday, waslaunchedin1896asanindexof12industrial stocks. The March 29,1999: First closeabove 10000 benchmark evolved gradually overmorethan acenturyintothe 10000 modern Dow30, amix of stocksfromtechnology,consumer, Nov. 21,1995 financial, health care and other sectors. Infrequentchanges First close above 5000 to the indexpreserved itscontinuityand gave it aunique

connection to pastgenerations of the market. Jan. 8, 1987 Closes above 2000

2000 May26, 1896 Oct.28, 1929 Dec. 31, 1931 1954 Nov. 14,1972 Charles HenryDow and The market crashes, Ends theyear Finally eclipses First close above 1000 Edward Jones debut the and the Dowloses losing 52.7% the highs reached DowJones Industrial 12.8%ofits value in of its value in 1929,25years 1000 Average,composedof12 one session. The next after thecrash industrial companies,one day, the average lost of which wasGeneral an additional 11.7%. Electric Co.

200

100

Darker bands Note:Chart is logarithmic, with vertical scale compressed reflect bear to showchanges in percentage terms. Arise from 100 to 110 takes the same spaceasarise from 10000 to 11000, markets sincebothare 10% changes.

25 1896 1900 1920 1940 19601980 2000 2020

Sources: DowJones Market Data (historical performance, bear markets); FactSet (performance); staff reporting (key events) GlitchesHit Trading Platforms, Frustrating Investors

BY ALEXANDER OSIPOVICH screenshotsindicating that its agement consulting firm. He rienced afew minutes of slow- culty navigating itswebsitefor during the firsthalf-hour of sitewas temporarily waslater able to connect to nessacrossour trading plat- individual investors. “The issue trading on Tuesday, morethan Popular trading platforms unavailable.Mark Chockal- . forms at Market Open,” said a is nowresolved,” she said. “We 80% higher than the average runbyBank of America ingam,aninvestor in Sudbury, ABank of Americaspokes- spokeswoman forTDAmeri- apologizefor the inconve- full-dayvolume this year, Corp., TD Ameritrade Hold- Mass.,said he wasunable to man said on Tuesdayafter- trade,which wasrecently ac- nienceand thank clientsfor according to DowJones Mar- ing Corp.and Vanguard log intoMerrill Edgefor about noon: “All systems arecur- quired by Charles Schwab their patience.” ketData. Group suffered glitches Tues- four hours. rently operating businessas Corp.“Theissue wasquickly U.S. stocks rallied afterPres- Similarvolume surgesear- day that rendered them inac- Mr.Chockalingam said he usual. Earlier,some clientsex- resolved.” ident Trump signaled late lier this year have also caused cessible or slowtouse, washoping to lock in aprofit perienced atechnical issue Vanguardusersalso com- Mondaythat his administration problems forpopular trading frustrating investorsona on call options he recently when trying to log into plained that the asset-manage- would cooperatewith Presi- platforms.OnNov.9,glitches landmark dayfor the U.S. bought on energy companies MyMerrill and Merrill Edge.” ment giant’swebsitewasn’t dent-elect JoeBiden to allow hit Schwab, Fidelity Invest- stock market. including Apache Corp.and Pi- Brokerageplatforms runby working properly.At10:03 a.m. the presidential transition to ments, Vanguard, TD Ameri- Thesnafus began as markets oneer Natural Resources Co., TD Ameritrade—including ET,aTwitteruser named Cole- go forward,removing asource trade and Webull Financial LLC opened at 9:30 a.m. ET,before which had jumped in value af- , which is popular slaw_84 tweeted, “websiteso of uncertainty that had dogged during asurge in trading the DowJones Industrial Aver- ter arally in the priceofoil. with daytraders—suffered slowwwwwwwwwww,” spur- the market in recent weeks. spurred by news that a age surpassed 30000 forthe “Ifthe brokerageisout, I’ll slowdowns at the start of the ring an apologetic response That triggeredahugein- Covid-19 vaccine candidate firsttime,according to the tech- be out thousands of dollars, trading day, making it difficult from Vanguard. crease in trading volume.Some bring developed by Pfizer Inc. servicetracker Downdetector. even though Imade the right to use itswebsiteorsubmit or- AVanguardspokeswoman 2.9billion shares of NewYork and itspartner BioNTech SE UsersofBank of America’s call,” said Mr.Chockalingam, ders, userssaid. confirmed that some clients - and Nasdaq- washighly effective,according Merrill Edgeplatform shared who runs asupply-chain-man- “This morning,clientsexpe- mayhaveexperienced diffi- listed stocks changedhands to early data. P2JW330000-0-A00800-1------XA

A8 | We dnesday, November 25, 2020 THE WALL STREET JOURNAL. WORLD NEWS Macron Delivers Cautious Lockdown Exit

French presidenttries p.m. curfew.Christmas and Jean-François Delfraissy,who NewYear’s Evewould be ex- leadsthe scientific boardad- to balancethe health ceptions to the curfew.Bars vising French authorities on of his people and the and restaurantswill remain howtotackle the pandemic, closed until at least Jan. 20. said he wasworried about the health of the economy “We need to do everything evolutionofthe epidemic in to prevent athirdwave, do ev- France. “The government will BY NOEMIE BISSERBE erything to prevent athird need to makeacertain number AND STACY MEICHTRY lockdown,” Mr. Macron said. of difficultdecisions within the France, the hardest-hit next eight to 10 days,” he said. PARIS—President Emman- country in Europe’ssecond Mr.Macron bristled at the uelMacron charted apains- wave,has emergedasaba- suggestion, saying that the taking exit from France’scoro- rometer forWestern govern- government wasaiming to navirus lockdown on Tuesday ments torn between the need slow down contagion while amid atug of warinside his to save lives and the economic continuing to let people liveas cabinet about how quickly to harm caused by shutdowns. normally as possible,and that reopen the economy. That is adilemma affecting S scientistsdon’t makepolicy. By On one side stands Mr.Ma- countries acrossEurope.Strict PRES October,the virus had grown

cron’sprime minister and a lockdowns have helped slow UMA out of control, threatening to panoply of health authorities thevirus in Italy,Spain and /Z overwhelm France’shospitals.

and epidemiologistspulling the U.K.,while taking aheavy XPPP Mr.Macron announced anew

for lockdown measures to re- economic toll. In Germany, /MA national lockdown on Oct. 28. main in place. On the other wherethe government wasn’t AY Schools and factories remained

lies Mr.Macron’seconomy as heavy-handed, the limited DUBR open to cushion the economic minister,backed by an armyof health measures enforcedearly impact of therestrictions. ANCK

retailers, who considersthe this month failed to substan- FR Mr.LeMaire, the finance Christmas-shopping season a tially bringdowninfections. In a televised address Tuesday, President Macron presented plans to ease coronavirus restrictions. minister,started working with make-or-break moment. Tension began building in- retailerstodevelop anew On Tuesday, Mr.Macron side Mr.Macron’sgovernment fore avaccine became available. omytoshrink by apost-World Through it all, Mr.Macron health protocol to allowshops weighed in with an addresson from the onset of France’ssec- Fueling the tension is ade- WarIIrecordofnearly 14%in has vacillated between the to reopen beforethe holidays. national TV that sought to ond lockdown on Oct. 30.Fi- termination to avoid a repeat the second quarter. camps,waving off his scientific He went on national TV last strikeabalancebetween the nanceMinister Bruno Le Maire of past mistakes.France’seco- Health officials,meanwhile, advisersattimes and embrac- week,saying stores were ready two sides.Starting Saturday, began pushing forstorestobe nomic stewards want to limit want to avoid the mistakethe ing the lockdown at others. to reopen as fast as possible, shops canreopen under strict allowedtoreopen. His efforts thedraconian measures that government made in quickly When the number of newinfec- and noting that the weekend social-distancing rules,Mr. were met with resistancefrom made France’sspring lock- lifting the spring lockdown tions started picking up again afterBlack Fridaywas crucial. Macron said. If the number of Prime Minister Jean Castex, down oneofthe strictest in only to see the virus roar back over the summer,Mr. Macron Olivier Veran, the health newdaily infections falls below who worried the countrycould theWest, with schools and in thefall. “Maybe,indeed, we wasreluctant to take drastic minister, shot down the time- 5,000,headded, the govern- faceathirdwaveofthe corona- nonessential shops closed and ended the lockdown alittle too measures that could hinder the table.“Ihavenoreason to be- ment would liftthe lockdown virus if the government eased people ordered to stay home. soon,” said Mr. Castex speak- country’seconomic recovery. lieve [shops] could reopen on on Dec.15, replacing it with a9 lockdown rules tooquickly be- That caused the French econ- ing last week in parliament. In early September,Dr. Nov. 27,” he said. Russia to Sell Doses Of Virus Va ccine ForLess Than $10

BY GEORGI KANTCHEV that thevaccine from Pfizer and BioNTech will cost $19.50 MOSCOW—Russia will sell a dose. itsSputnik Vcoronavirus vac- Sputnik Vwill be free of cine internationallyfor under charge to Russian citizens de- $10 adose,alowerpricethan spite production problems some Western-developed shots, that have pushed the domes- as Moscow looks to gain eco- tic rollout of the vaccine nomicand political leverage from later this month JOURNAL abroad by exporting itsfast- to 2021.

REET trackedjab. New data from Phase 3 tri- ST

LL At least 20 nations,includ- als released on Tuesday

WA ing Brazil, Egypt and Mexico, showed the jab was 91.4% ef- have struck deals with Mos- fectiveinprotecting people

AL/THE cow to buy the vaccine, while from Covid-19, confirming re- more than 50 countries have sults released this month, the ARW

AG requested morethan 1.2 bil- fund said. lion doses of the vaccine,ac- Theresultswerebased on

VIBHUTI cording to the Russian Direct datafromnearly 19,000 volun- Komal Bisht, right, and her sisters Poonam, left, and Mehak study outside in the Himalayanfoothills. Winter will makethatharder to do. Investment Fund,the coun- teerswho received both shots try’ssovereign-wealth fund, or placebo. which has been leading efforts None of the volunteers ex- E-Learning Fails Indian Students to market the shot interna- perienced anyunexpected side tionally. effects. “Weare ready to start de- BY VIBHUTI AGARWAL India has amassivestudentpopulation and it doesn't have Komal’steacher,SavitaGos- liveries of the Sputnik Vvac- AND ERIC BELLMAN enough equipmentfor remote learning. wami, said alot of her stu- cine to foreign markets,” said At least 20 nations dentshavephones but can’t Kirill Dmitriev,the chief ex- GALLA,India—Remote Number of students sit and sharebecause they will ecutiveofthe fund, on Tues- have struck deals learning during the pandemic PRE-PRIMARY PRIMARYSECONDARY be tooclose together.Some day. with Moscow to buy has been painful, even forchil- that have phones don’t have Thevaccine,which wasap- dren with the best computers the money to payfor the extra proved in August beforeclini- Sputnik V shots. and broadband.Imagine trying 10 143 133 datacharges. She has asked caltrials had been com- to do it all on acheap cell- million forgovernment support as she pleted, will be exported from phone with a 2G connection. has been using her ownmoney manufacturinghubs in Brazil, That is just part of thee- to topuptheir dataplans and China, India and South Korea, Preliminary data from vol- learning challengemillions of Student-to-teacher ratios keep them in class. among others, and the firstin- unteersobtained 42 days after families are going through in PRE-PRIMARY PRIMARYSECONDARY “This is atough situation ternational deliveries areex- the firstdose indicated effi- India. forus,” she said. “Wecan sup- pected to take placeinJanu- cacy of morethan 95%, the Take the Bisht family,who port one or two students but ary, the fund said. fund said. liveinavillageinthe Himalayan we can’t help everyone.” It added that will be able to Theefficacydatacome as foothills in the ruralstate of Ut- 20 33 29 India’sgovernment has producevaccines for500 mil- thevirus spread shows few tarakhand. Threegirls in grade been canceling holidays and lion people a year. signs of abating in Russia, school. One phone.NoWi-Fi. putting off exams even as it The vaccine will be admin- which has recorded morethan The girls ration their class has refused to reopen most istered in two doses at a cost two million infections nation- time,picking only the ones Household access to Howdid youget learning schools,and is turning to of under $10 a shot, meaning wide. they think aremost important. smartphones (aspercentage materials? (in surveyweek) older technology for help. it would be moreexpensive It currently has the fifth- When they log in, their fa- of enrolledstudents) Thedamagefromthe than the shot by AstraZeneca largest caseload in the world ther’s phone won’t allow forced learning from home is PLC and the University of Ox- afterthe U.S.,India, Brazil and streaming video so they just 1phone (in family) WhatsApp apparent, at least with the ford,which is expected to cost France. 74% listen to audio.The signal 45.6% youngest students. Theper- $3 to $5 adose globally dur- AstraZenecaand Oxfordon comes and goes so they runall 2phones centage of students aged 6 to ing the pandemic. Mondaysaid their vaccine was over the house to getthe best 11.8% 10 who weren’t in school However, it will be cheaper as much as 90% effectivein reception. That is generally 3ormorephones jumped to 5.3% this year from than jabs from Moderna Inc., preventing the infection with- outside on the roof,aproblem 4.3% Personal visit 1.8% two years ago, the ACER and from Pfizer Inc. and Ger- out serious side effects, because winter is coming. 24.8% report said. many’s BioNTech SE. though they said the vaccine’s No phone “It’sgoing to be really Phone call Tenmonths intothe closure TheU.S.government is pay- efficacyvaried widely based 38.2% 11.5% cold,” said Komal, the oldest of most physical schools,there ing $25 adose forthe Mod- on dosage. at 10 yearsold. “But do Ihave Sources: Unescoand ACER Centre is no end in sight. Parentsin erna vaccine,which factorsin Thevaccines from Moderna a choice?” Mumbai, Bangalore and else- additional federal funding it and Pfizer showed efficacy of India has morethan 300 holds have two or moresmart- theirchildren to return to where have protested against has received, the companyhas morethan 90% in early re- millionpeople enrolled in phones according to one re- physical schools.With close to limiting the number of online said. Analysts have estimated sults. schools, more than any other cent status-of-education nine million Covid-19 cases in classes and returning children country according to Unesco, report from ACER Centre, a India now,only the U.S. has to school. Most Indians don’t the United Nations’ culture New Delhi think tank. Around been worsehit. Families want trust the public- or private- andheritageorganization. 46% had one and 38% had no their children home and learn- school systems to protect Around half of the student smartphone in the house. ing but it is close to impossi- their children while the coro- body arechildren in primary “This is a grave situation,” ble formost to take part in navirus is still spreading. and preschool and most of said R. Panth, an education live, online classes. Komal wishes she could go them have been learning from specialist and former director Teachers, studentsand par- back to school. She has figured home since March. at Nalanda University.“We entshavebeen inventing work- out the best spotsinthe house REUTERS

India’s underfunded educa- don’t have the basic tools of e- arounds. formobile coverage and that if Y/ tion system can’t cope with learning including high-speed Some arerecording classes she dims the screen the bat- TR

studyfromhome,education internet, [and a] continuous and sending them via Whats- tery will last longer. MINIS expertssay.Most families powersupply,not just in rural App to be downloaded and Her father, a cook, has had don’t have the multiple de- areas, but even in the cities.” watched later,for example. lesswork sincecoronavirus REIGN vices and internet connections Just taking abreak isn’t an Other parentstravelmiles to struck but is trying to save FO needed to allow e-learning. option formost. Families need free Wi-Fispotstodownload money foranother phone. Theaverage primaryschool- to have their children in videos and assignmentsfor With two, the family could at

teacher in India has 33 stu- school to free up the parents their children. Othersare gath- least keep one charged, avoid /HUNGARIAN dents, twicethe number in the to work and to keep them on ering small numbersofstu- blackoutsand keep his daugh- OS

U.S.,according to Unesco. track to pass the rigorous se- dents, sitting them, socially ters online. BORS

Meanwhile,families rarely ries of exams that—for most distanced, in villagecourtyards “I’m always late signing in AS TY

have computersorlaptops,and Indians—arethe only way forlessons.Alot of parents and can’t keep up,” Komal MA even smartphonesare scarce. to raise incomes. arejust trying to forcefeed said. “I‘m not sureI’ll makeit A lab assistant holds a tube with Russia’s Sputnik V vaccine at Only around 16% of house- Manyparentsdon’t want their children textbooks. to the next grade.” the National Institute of Pharmacy and Nutrition in Budapest. P2JW330000-5-A00900-1------EW

THE WALL STREET JOURNAL. ***** We dnesday, November 25, 2020 | A9 WORLD NEWS Foreign Donors PledgeBillions in Aid to Afghanistan

BY SUNE ENGEL RASMUSSEN tween the Afghan government and the Taliban as the U.S. LONDON—TheU.S., Euro- draws down its troops there. pean Union and other interna- President Trump last week tional donorspledged billions ordered the Pentagon to accel- of dollarsinaid to war-torn eratethe drawdownofAmeri- Afghanistan, but said dis- can troops to 2,500 from the bursement would depend on current 4,500 beforeInaugura- progress in talks between Ka- tion DayinJanuary. Thewith- bul and the Taliban to end drawalispart of adeal struck nearly two decades of fighting. between the Trump adminis-

Morethan 100 countries and tration and the Taliban in Feb- OL

organizations committedabout ruary, which commitsthe in- PO S $3 billion in totaldevelopment surgents to negotiations with support to Afghanistan for2021 the Kabul government fora PRES O/ at aquadrennial aid conference long-term cease-fire, and to PINT

in Geneva, which washosted prevent international terrorist O virtually by the United Nations, organizations likealQaeda

Finland and Afghanistan. from operating on Afghan soil. VINCENZ TheU.S.pledged $600 mil- But the peacetalks have Bishop Thomas Chen Tianhao’s ordination, which was seen as a sign of better relations between the Vatican and Beijing, was lion fornextyear,with half of struggled to take off since followed by friction over Pope Francis’s decision to break his silence over China’s treatment of its Uighur Muslim population. that dependent on progressin they began in September,as the peaceprocess,which the two sides have stalled over would be reviewedduring procedural disagreements. The 2021, Undersecretary of State government-led delegation Bishop Is Ordained in China forPolitical AffairsDavid Hale and the Taliban seemed to said at the conference. have reached acompromise on Thetotal commitment of those disputes earlier this TheCatholic Church in unity of China’sCatholic popu- agreement. Twoofthose bish- Uighur ethnic minority have about $12 billion for the next month, paving the way forac- China ordained itsfirst bishop lation and prevent aperma- ops were ordained during the accused Beijing of running four-year period fell short of tual negotiations to begin, ac- since Beijing and the Vatican nent schism,the Vatican in firsttwo yearsofthe agree- “political re-education” camps the$15.2 billion pledged in cording to Western officials. renewedanagreement on September 2018 signed an ment. TheVaticanexpectssev- in the far-western provinceof 2016.The drop in funding was Sincethen, the head of the agreement with Beijing giving eral moretobeordained in Xinjiang to strip Uighursof expected due to financial government-led delegation was By Francis X. Rocca both sides asay in the ap- thecoming months,the offi- their religion and culture. The strain on donorsfromthe pan- recalled to Kabul fortalks with in Rome and Chun Han pointment of bishops. cial said, expressing cautious accusations have been echoed demic and uncertainty about President Ashraf Ghani, who Wong in Hong Kong Thedeal, whose details have optimism forthe relationship. by Western governments and the continuing peacetalks be- appeared to have objections. never been published, was re- TheVaticanspokesman, extensively documented in the episcopal appointmentsinOc- newedlast month over the ob- MatteoBruni, confirmed international press. tober.But Monday’ssign of jections of some Catholics in Bishop Cheng’sordination late “The remarks regarding Ui- better relations with Beijing China and abroad, who sayit Tuesday, adding that moresuch ghurshavenofactual basis,” wasfollowedswiftly by fric- has made it easier forthe gov- ordinations were in the works. Chinese Foreign Ministry tion over Pope Francis’ first ernment to bring underground But the Chinese government spokesman Zhao Lijian said

GES criticism of China’streatment Catholics under itscontrol. voiced annoyanceonTuesday, Tuesday at a routine briefing

IMA of Uighur Muslims. Bishop Fang Xingyao, chair- afterPope Francis brokehis si- when asked about Pope Fran- Bishop Thomas Chen Tian- man of the Chinese Catholic lenceoverChina’streatmentof cis’ comments, according to a

GETTY hao wasordained as bishop of Patriotic Association and itsUighur Muslim population, transcript published online by

SE/ Qingdao, in the eastern prov- bishop of Linyi in Shandong which the pope included in a the Chinese Foreign Ministry, inceofShandong,according to province, presided over Mon- list of “persecutedpeoples.” which has sinceremoved the the Communist Party tabloid day’sceremony, according to a “I think oftenofpersecuted commentsfromits website. ANCE-PRES

FR Global Times. state-backed website, Catholic peoples: the Rohingya,the “The Chinese government has China’sestimated 10 million Church in China. Bishop Chen poor Uighurs, the Yazidi— consistently protected the ENCE to 12 million Catholics have wasnominated as Qingdao what ISIS didtothem was lawful rights of minority eth- AG been split formorethan half a bishop in November 2019, ac- truly cruel—or Christians in nic groups by treating every- centurybetween those regis- cording to the report. Egypt and Pakistan killed by one equally.” FFRINI/

CO teredwith the government- Asenior Vatican official bombs that went off while Human-rightsactivistshave controlled Chinese Catholic confirmed on Tuesdaythat they prayed in church,” Pope previouslycriticized the pope BRICE

FA Patriotic Association and aso- Bishop Chen wasone of sev- Francis writes in a new book, for his silence on the Uighurs Afghanistan’s Foreign Minister Mohammad Hanif Atmar, right, called underground Catholic eral bishops selected and ap- “Let Us Dream,” scheduled for and on Beijing’scrackdown on and Economy Minister Abdul Hadi Arghandiwal, second from community loyalonly to Rome. proved by Pope Francis before publication on Dec. 1. the pro-democracymovement right, met Tuesday with international officials in Geneva. Seeking to promotethe last month’srenewalofthe Representatives of China’s in Hong Kong. WORLDWATCH

INDIA The consumer-priceindex rose Two judges ruled Tuesday 0.04% in the firsttwo weeksof that she had diplomatic immu- Government Bans the month from the end of Octo- nity “on arrival in the U.K.” under More Chinese Apps ber,the National Statistics Insti- the Vienna Convention on Diplo- dog•ger•el tutesaid Tuesday. It wasthe matic Relations, and that she India banned 43 moreChinese smallestincrease on record forthe “enjoyed immunity from U.K. apps in NewDelhi’slatestmove period and pushed the 12-month criminal jurisdiction at the time to pressureChina in the online inflation rate down to 3.43% from of Harry’s death.” /'dôgrl/ industry as tensions festerfol- 4.09% at the end of October. ADunn family spokesman lowing adeadly border clash be- The decline in the annual rate said theywould appeal the ruling. noun tween the neighboring countries. came after the central bank on —Associated Press India’sMinistry of Electronics Nov. 12 paused after 11 consecu- I’ve nevermet you, butIloveyou more THENATIONAL DISASTER and Information Technology is- tive interest-rate cuts, saying it UGANDA SEARCH DOG FOUNDATION sued an order citing growing con- wanted to make sure than infla- Protest Death Toll Than waveslovesanduponthe shore. Strengthening disaster response cerns about data securityinblock- tion starts returning to its 3% in Americabyrescuingdogsand ing the Chinese apps, effectively target. Is Raised to 45 AndsoI’llnever stop searchingfor you, partnering them with first responders restricting China’saccess to one of —Anthony Harrup That’s whyI’m here. to save lives. Be Part of theSearch™ the largestand fastest-growing The death toll from last today. Call (888)4K9-HERO, visit online markets in the world. UNITED KINGDOM week’sprotestsoverthe arrestof If you’re ever trapped underrubble, SearchDogFoundation.org, or writeto Tuesday’s actions brings the Immunity Upheld for Ugandan opposition presidential SDF, 6800 Wheeler CanyonRoad, total number of Chinese apps hopeful and musician Bobi Wine Ipromise to findyou there. SantaPaula,CA93060. banned in India to more than U.S. Driver in Death has risen to 45, policesay,with 170. The bans are what some morethan 800 people arrested. Indian politicians have called a The parents of aBritish teen Policespokesman Fred Enanga “digital strike” against China af- who waskilled in acrash lost a told reporters on Mondaythat ter a June clash along their dis- court battle with the U.K. govern- “our hearts go to the families” of puted border in the Himalayas mentTuesdayoverwhether an those killed. It wasUganda’s killed 20 Indian soldiers. American woman involved in the worstunrestinadecade. The —Vibhuti Agarwal collision had diplomatic immunity. election is early next year. The family has been seeking Mr.Enanga said the arrests oc- MEXICO justice for 19-year-old Harry curred during the twodaysofpro- Dunn, who died after his motor- teststhatbroke out on Nov. 18 Inflation Slowed bike collided with a car driven on after Mr.Wine wasarrestedagain Sharply in November the wrong side of the road out- in the eastern town of Luuka. side a U.S. air base in central Mr. Wine, who has been ar- Mexican inflation fell back to- England in August 2019. rested many times in recent ward the centralbank’starget in The car’s driver, Anne Sa- years, has captured the imagina- early November as lowerpro- coolas, left for the U.S. several tion of many Ugandans with his duceprices and discounts related weeks after the collision. Offi- persistent calls for President to an annual shopping promo- cials said she was entitled to Yoweri Museveni to retire after tional eventlargely offset asea- diplomatic immunity because her 36 years in power. sonal jump in electricityrates. husband worked at the air base. —Associated Press GES IMA GETTY

SE/ Delta ActiveSearch Dog PhotographedbyShaina Fishman

ANCE-PRES at SDF’sNational Training Center. FR ENCE AG U/ BUREA TIN MAR HAT’SOFF:Tons of burned scaffolding wasremovedfromParis’sNotre Dame cathedral, officials said Tuesday. The cathedral wasbeing restoredwhen alarge firedestroyed its spireonApril 15 lastyear. P2JW330000-5-A01000-1------XA

A10 | We dnesday, November 25, 2020 ***** THE WALL STREET JOURNAL. FROM PAGE ONE

tree waslit; seven nutcracker holidaydoormat, compared ratesearly,itgives them time Deck the figurines sat on the mantel. Ms. with the $600 she spent on to put up more.” Kourahad even purchased a decorations last year,she says. Some traditionalistssay it’s newMerryChristmas shower In anticipation of increased bad form to decoratebefore Halls With curtain and a$66.99bedding holidayfoot traffic,Durfee Thanksgiving.“We areadamant setfestooned with bows and HardwareinCranston, R.I., has ‘don’t-forget-about-Thanksgiv- Christmas trees. increased itsinventory, includ- ing’ people,” says Michael Decor “It’slike, whereelse canwe ing surge protectors, spotlights Cueto, a56-year-old human-re- decorate?” says Ms.Koura, 51, a and stands,by20%, says owner sourcesmanager in SanFran- human-resourcesmanager fora Ryan Durfee. TheGood Things cisco, who installed a6-foot in- ContinuedfromPageOne construction company. One eve- forAll Seasons holidaystore in flatable turkey outside his ownershavebeen stringing up ning,Mr. Kouracame up with Grapevine,Texas,says sales of home—an oddity amid the lightsand flocking to faketrees an answer, looking out ontoa Christmas merchandise,includ- early Christmas lights. “I’dsay sinceHalloween, and they’re dim courtyardthe couple ing fairyfigurines and ceramic I’m the lone wolf,but the looking to createsome extra shares with neighbors. houses,wereup40% in the neighborswould call me the cheer in what’sbeen atumultu- Four days and four trips to firsttwo weeks of November lone turkey.” ous year. Home Depot later,hehad spent compared with the same period In Kensington, Md., David “People really can’t help but morethan $600 on outdoor last year. Ben-Israel says his family smile and laugh when they see gear,including 15 setsofillumi- People’sdesiretodecorate misses itssynagogue commu- pink flamingos,” says Mr.Stew- nated netting and afive-outlet weeks ahead of usual is also nity sinceregular services art, who adds he tried to put a poweradapter.Mr. Kourataped spurring sales of artificial trees. moved online in March. The35- Christmas caponhis pet don- notes on neighbors’ doorsto Thetypical lifetime of acut ev- year-old management consul- key,Nascar.“But he wasn’t hav- warn them what wascoming. ergreen is four to six weeks, tant started talking to his chil- ing anypart of that.” “It will not be anything extrav- says Doug Hundley,aspokes- dren, Noah and Leah, ages 3 SarahGarrettput up her agant or overly intrusiveasfar A man forthe National Christmas and 1, about Hannukah in Octo- UR

Christmas tree on Nov.12and as brightnessisconcerned,” the KO Tree Association, which repre- ber.Itbegins Dec.10. spent $156 on newdecorations letterpromised. A sentsgrowers. “I want to build up this LIS at Target. “The entireyear has Thefollowing weekend, Mr. Lisa and Kevin finished decorating inside their apartment by the Online retailer Treetopia great magical feeling of some- been one thing afteranother,” Kourafinished covering plants end of the first week of November. says the number of trees it has thingspecial that is about to says the 27-year-old co-owner and stair railingswith multi- sold this year through Nov.15 happen,” he says.Hehas pur- of awineryinPaso Robles,Ca- color and whitelights, and in- Ms.Kourasays.“Ifixed it,” foranasset-management com- is up 50% compared with last chased blue lightsfor indoors lif. “Wewerelike, ‘Let’sjust go stalled illuminated deer and says Mr.Koura.) pany. “I said to my friends,‘I year.AtHome Depot, sales of andoutdoors, streamers, an big.Don’t hold anything Santafigurines.“It’sall on one In NewSmyrna Beach, probably look crazy.’ ” artificial trees arethree weeks electric menorahfor the win- back.’ ” plug out of my front closet,” he Fla., KristaBarringer and her She and the children, ages 10 ahead of usual. dowand an 8-foot inflatable Lisa and Kevin Kourafin- says,connected by six exten- children, Ben and Macy, have and 11, set up paints, brushes Stores have benefited from dreidel forthe front yard. ished decorating inside sion cords. Ms.Kourasays she been painting yard decorations androllersinthe garage most theearly shopping,says Lance “This year I’m thinking abig their Yorba Linda, Calif., apart- pleaded with him to stop: “I on plywood cutoutssinceNov. eveningsafter school. She has Allen, who manages the decora- buildup,” he says.“I’m thinking, ment by the end of the first told him he might trip a 1. “We’rehome alot,” says the already spent morethan $1,100 tiveholidaycategoryatHome ‘Lightsupnow.’ Imean, it’s week of November.Their fake breaker.” (They eventually did, 46-year-oldgeneral manager on light sets, paintsand anew Depot: “When everybody deco- called the Festival of Lights.”

stimulus. For Yellen, “Yellenisaclever choice. She will be able to arguefor larger stimulus with an intel- Politics lectual heftthat has eluded Democratssofar,” said Marc Sumerlin, a former economic Awaits adviser to former President George W. Bush.She might seek ways“to delegateonthe ContinuedfromPageOne late-night horse-trading and spend to advancearecovery partisan rhetoric,” Mr.Sumer- that is slowing and vulnerable lin said. as Covid-19 spreads, but also Depending on the outcome poised to bounceback with of two Januaryrunoff elec- success in distributing vac- tions in Georgia, Republicans cines. could maintain control of the Ms.Yellen’srésumé wasa Senate, leaving Majority draw forMr. Biden. No past Leader Mitch McConnell Treasurysecretaryhas served (R.,Ky.)asthe Senategate- both as leader of the Federal keeper forlegislation and GES Reserve, which she did from nominations. IMA 2014 through 2018, and head JacobLew,Treasurysecre-

of the Council of Economic GETTY tary from 2013 until 2017, said

Advisers, her job from 1997 VIA Ms.Yellen might find allies in through 1999 during the Clin- moderateRepublicans in the ton administration. ENCY Senate. If she wins over three AG

Yether experiences with S or four Republicans,hesaid,

Washingtonpolitics were insu- NEW that could tilt the balancein

lated by comparison to the UA Mr.Biden’sfavor in looming

task at hand. Compared with NH debates. XI the TreasuryDepartment,the JanetYellen, then Fedchairwoman, testified beforeCongressinDecember 2015. She is President-elect Biden’sTreasury secretary pick. “If the question is who can Fedisacloistered institution. forceMitch McConnell’shand, At Treasury, politics is often brownstone by a mother who Housemyrole in providing amount of suffering out there. sincethe pandemic and re- that’snot afair test,” said Mr. one of the firstconsiderations. kept meticulous recordsofthe psychological support in the Theeconomyneeds the spend- lated restrictions triggereda Lew. “The real question is Progressives in the Demo- family’s stock portfolio and a daily political storms was yet ing,” Ms. Yellen said. severe economic downturn. what does it take to persuade craticParty arepushing for physician father who made moreimportant.” He added Another lesson she has However, she is also wary a majority in the Senate, and aggressivenew spending pro- house calls,Ms. Yellen wasan that they agreed on most is- drawn from years of study as of federal budget deficitsin Janet Yellen has enormous ca- grams. Republicans appear Astudent known forprodi- sues,though he wasmore alabor economist and then the long run. In one speech pability” to achieve that. poised to push forspending gious note-taking. skeptical than she was on the yearsmoreasapolicymaker: last year to ahousing trade restraint. And newadministra- As aPh.D.student at Yale in merits of free trade. High unemployment imposes group,she said that Social Se- tions ofteninvolvetheir own the 1970s,she wasadevotee Ms.Yellen’smain test at large and lasting costson curity and Medicaremight not Friend of Warren factions.President Trump’s of James Tobin, a Nobel-win- Treasurywill involvespending American households.Asgetonapath to asolid footing Mr.Biden has calculated team sparred over trade,and ning economist who followed and debt. Theexperienceof chairwoman and in other posi- even if taxesare raised to help that Ms.Yellen canbridgea President Barack Obama’sover the traditions of John May- the past couple of decades has tions at the Fed, she often fund the programs,and rangeofdivides that will con- spending anddeficit reduction. nardKeynes, abeliever in a called into question a central pushed the central bank to warned of painful tradeoffs. front his administration. She Assuming she is confirmed as strong role forgovernment in premise of economics: that hold interest ratesdownto “This is root canal economics,” enjoys credibility in global fi- Treasurysecretary, Ms.Yellen economic downturns.One of rising government debt-loads spur growth and hiring.Low she said. nancial marketsand foreign will be at the center of it all. her small failures wasstarting push up interest ratesand ratesencourageborrowing, Some former colleagues say capitals.She also has alliances “Treasuryisdesigned to atextbook that she didn’t fin- crimpprivateinvestment. spending and investment. Ms.Yellen’spolitical strengths among Democratic Party mod- generateopinions on hun- ish based on her notes of Mr. Debt has been soaring,but in- areunderrated. “People under- erates as well as progressives, dreds, thousands of different Tobin’sclasses.The notes terest rateshavefallen and in- estimate the internal politics due in part to her friendship questions, many of which are themselves became popular flation hasremained low, with Janet Ye llen’s past of theFed,” said Daniel Tar- with Sen. ElizabethWarren known and othersthat arise in with other graduatestudents. no obvious negativeeffectson ullo, who was a Fed governor (D., Mass.), who endorsed her completely unsuspected ways,” private investment. D.C. jobs had less from 2009 to 2017. Fedleaders expected nomination. said Nathan Sheets, a former Thequestion forMs. Yellen politics than the one need to managealarge com- Oneofher firsttasks will Obamaadministration Trea- Labor economics is howfar to push U.S. bor- mittee to reach consensus on be deciding whether to push sury official and Fedecono- Ms.Yellen would spend her rowing.AsTreasurysecretary she’s headed to. interest-ratedecisions.Mr. forarestart of emergency mist.“Thesaying is that the academic career focused on la- one of her main jobs will be to Tarullo said Ms.Yellen was lending programs launched by Treasurymoves 10 times bor marketsand questions raise the money that funds the “persistent and persuasive” in the Fedthis year directing faster than the Fed, and the such as: Howcome in areces- government. That comes managing dissent at the cen- low-interest loans to small and WhiteHouse moves 10 times sion companies layoff work- mainly through changes in tax She also saw limits to how tral bank. midsizebusinesses affected by faster than the Treasury.” ersinstead of just cutting policyorincreased borrowing. far the Fedcould go to stimu- Shebriefed Mr.Biden and Covid-19 shutdowns.Though Ms.Yellen’srelationships their salaries? What’sthe gov- Thefederal budget deficit late growth. Ms. Yellen urged Sen. Kamala Harris, now vice managed by the Fed, the pro- with congressional Republi- ernment’srole in addressing tripled to $3.1 trillion in the Alan Greenspan to raise rates president-elect, by videocon- grams depend on collaboration cans have at timesbeen dislocations from layoffs? fiscal year ended Sept. 30.Re- in the 1990s to staveoff infla- ferenceinAugust, and encour- with the Treasury, which pro- strained. When she went to By the time she came to publicans pushed back against tion, advicethe Fed’sthen- aged more spending to boost vides some of the money. Capitol Hill formeetingswith Washington in the mid-1990s abig pricetag formore chairman ignored. As head of growth by highlighting the Last week,TreasurySecre- lawmakersinher firstyear as to serve as a Federal Reserve Covid-19 rescue programs dur- the Fedherself in 2015,she prospect for interest rates to tary Steven Mnuchindeclined Fedchairwoman, she tended governor,Ms. Yellen had been ing the summer.They seem raised interest rates that had stay lowfor along time.She arequest by the Fedtoextend to focus on Democrats, a molded as a textbook left-of- poised to resist even harder been at near zero for years. wroteanopinion piecearound the programs when they ex- course she later corrected to center economist. She sawun- with a Democrat in the White At the Treasury, her lever the same time with Jared pireonDec.31. He said that addressfrictions with con- employment as deeply damag- House. won’t be interest rates, it will Bernstein, amember of Mr.Bi- he lacked the authority to pro- gressional Republicans.GOP ing to workersand believed in Mr.Biden has expressed be borrowing.Ms. Yellen has den’seconomic inner circle,in vide an extension, alegal lawmakersroutinely pressed amuscular role forthe gov- supportfor the $2.2 trillion argued strongly formoredefi- the NewYork Times that made opinion not shared by the Fed, heronarangeofissues,in- ernment to addressit. How- measurepassed by the House, cit-financed federal spending the same appeal forcontinued and also that money used to cluding allegations of leaks ever,she also sawpractical led by Speaker NancyPelosi backstop Fedloans would be from thecentral bank about limits: If unemployment got (D., Calif.), on Oct. 1. He has better used on grants for the interest rate decision-making. toolow it could spark infla- also endorsed manyofthe unemployed and businesses. Republicans also were ran- tion, and if the government’s provisions included in the $3.4 In apossible sign of what’s kled by herattention on is- debt gottoo big it could drive trillion Heroes Act the House to come,Sen. PatToomey (R., sues such as inequality and inflation higher,push up inter- passed in May. Moreover,he Pa.) signaled resistanceifMs. the participation of women in est rates and slow growth. proposes $2 trillion in spend- Yellen tries to restart the pro- the workforce.Itseemed to Ms.Yellen prepares for ing on climate programs. grams.Inastatement Monday some a diversion from issues tasks meticulously and doesn’t Manyeconomiststodaysay night, Mr. Toomey, who is set the Fedwas mandated by Con- particularly likesurprises or abipartisan impulse to curb to head the SenateBanking gresstoaddress: unemploy- risks.She tends to arrive spending over debt concerns CommitteeifRepublicans ment and inflation. hoursearly forflightstoavoid in the yearsfollowing the maintain control of the Senate, “You’resticking your nose mishaps and to ensure choice 2008 financial crisis hampered said he wanted to makesure in places that youhaveno spaceinoverhead compart- the last recovery.Democrats Ms. Yellen would abide by his businesstobe,” then-Rep. ments. When she was a guest aim to avoid a repeat of that. interpretation of the March Mick Mulvaney of South Caro- at a White House Correspon- “This is not a good time to funding lawthat keeps the lina said at a 2015 hearing. dentsAssociation dinner in have fiscal policyswitch from Fed’s lending programs “shut In the end it turned out 2014, she wasthe firstperson being accommodativetocreat- down absent furthercongres-

there were links between un- to arriveataballroom that ing adrag,” Ms.Yellen said in S sional action.”

employment, inequality and seats thousands. aSeptember Wall Street Jour- NEW He added he has nothing workforce participation. As “When Janet wasatthe nal interview. “That’swhat G againstMs. Yellen herself. thejoblessratefell in recent Fed, I supported her as much happened [last decade], and it “While Dr.Yellen and Ihad

years, women were drawninto as possible by taking over retarded the recovery.” OOMBER our fair shareofdisagree- the labor force and Black un- household duties,” said her She said then that lowin- /BL mentsduring her tenureas employment rateshit lows— husband, Mr. Akerlof, in a bio flation hasincreased the need chair of the Federal Reserve, I

among President Trump’ssig- forthe Nobel prizeineconom- forand loweredthe risks of HARRER have no doubts about her in- nature achievements. ics he received in 2001. “Later aggressivemonetaryand fiscal tegrity or technical expertise,”

Raised in aBrooklyn. N.Y., when she wasatthe White policy. “Thereisahuge ANDREW Mr. Toomey said. P2JW330000-2-A010A0-1------NS

THE WALL STREET JOURNAL. ** NY We dnesday, November 25, 2020 | A10A GREATER NEW YORK Officers Won’t Police Yo ur Thanksgiving

Gatherings shouldn’t Thanksgiving celebrations in 1.38%. Thestate likely would respond to requestsfor com- privatehomes—even if they implement stricter lockdown ment.OnNov.18, Mr.Cuomo exceed 10 people, but getcomplaints. An NYPD measures across the city next said he doesn’t believeofficers law-enforcement says spokeswoman referred to the week if Covid-19 cases con- “havearight to pick and commissioner’s commentsand tinue to rise, he said. choose what laws” they enforce. they won’t be prying declined to comment further. Thegovernor also is having “I mean, nobody’s saying Mr. Fucito said he believes difficulty getting law-enforce- knock on doors, count heads, BY RICH CALDER Mr.Cuomo’s order is lawful ment agencies in other parts right?” the governor said. “But and designed to protect the of the statetoback his 10-per- youcome acrossagathering NewYork City law-enforce- public, but as apractical mat- son limit on large household forone reason or another and ment officerswon’t be knocking ter he can’t make enforcing it gatherings, including anumber there’s20people there, you on doorsonThanksgiving Day apriority.Hesaid his 150 dep- of upstatesheriffs who have say, ‘This can’t happen.’ ” to see whether NewYorkersare uty sheriffs would continue to argued they lack the resources New York City Councilman

following Gov.Andrew Cuomo’s mostly break up large-scale S to count cars in driveways to Joseph Borelli,aStatenIsland

executiveorder limiting house- gatheringssuch as illegal fight PRES see who is breaking the law. Republican, said he plans to hold gatherings to 10 people. clubs, underground rave par- Fulton County Sheriff Rich- flout the governor’s order by UMA

Both the NewYork Police ties,illegal gambling dens and /Z ardGiardino received national hosting a Thanksgiving gath-

Department and the NewYork similarly organized events GES attention last week by announc- ering at his home with 11 peo-

City Sheriff’s Officesay they that could turn into coronavi- IMA ing his intentions in aFacebook ple,including his wife, chil-

don’t plan to enforce the order, rus superspreaders. PA post that questioned the legal- dren and close relatives.“This which aims to stop the spread “These activities were illegal SO ity of the order.“Frankly,Iam is arule with no nuance,” said

of Covid-19 as hospitalizations and sometimes deadly before CION/ not sureitcould sustain aCon- Mr.Borelli, whose borough continue to rise statewide. Covid-19,and the public safety NA stitutional challengeinCourt sawsome neighborhoods

NYPD Commissioner Der- hazards regarding them have JOHN forseveral reasons including placed under stricter lock- motShea and Sheriff Joseph been amplified exponentially New York City Sheriff’s Office personnel checked for out-of-state your house is your castle,” he down measures this week be- Fucitoare focusing on other by thepandemic,” he said. travelers at a bus stop in Midtown Manhattan earlier this month. wrote. “And as aSheriff with a cause of rising Covid-19 cases. priorities aimed at combating Mr.Cuomo ordered the lawdegree Icouldn’t in good Thecouncilman also said the virus and calling on resi- mandatetwo weeks ago, aim- taurants and gyms statewide. to either quarantine them- faithattempt to defend it in the groundswell of law-enforce- dentsnot to pack their homes ing to crack down on large Therestrictions apply to selves for14days upon arrival, Court, so Iwon’t.” ment agencies planning not to during the holiday season. home gatheringsafter state both indoor and outdoor gath- or obtain coronavirus testsbe- In Suffolk County, on Long enforce the restrictions could “Wehavetobesmart,” Mr. contact tracersdetermined eringsand were handed out by fore and afterthey travel. Island, officials have said po- makeitmoredifficult forMr. Shea said in aNY1 interview they were abig source of infec- Mr.Cuomo at atime when he, Mr. de Blasio said Monday licewon’t be going door to Cuomo to push other “more last week.“We’reencouraging tions.Other states—including NewYork City MayorBill de that the shareofcity residents door butwould check on com- sensible” laws aimedatcom- everyone to use common NewJersey and Connecticut— Blasio and other officials have who tested positivefor plaints of large home gather- bating thespread of the coro- sense hereand to getNew have imposed similar rules warned against traveling out of Covid-19 reached 3.06% over a ingsifthey arereported. More navirus.“Onceone lawstarts York City through this.” heading intoThanksgiving. town to celebrateThanksgiv- seven-dayaverage.Atthe end police also will be out on pa- to look ridiculous,they all start Mr.Shea said policeofficers Theexecutiveorder also set ing.New York requires individ- of September,the seven-day trol during Thanksgiving. looking ridiculous,and that is wouldn’t be breaking up a10p.m. curfew forbars, res- uals coming from other states averagepositivity rate was Thegovernor’s officedidn’t what just happened,” he said. Some New City Starts to Map Out Reopening Schools

Yo rkers BY LEE HAWKINS hovered abovethat mark since last week.However, sincethe New York City likely won’t infection ratesinschools have Won’tTake reopen itspublic schools after been lowand relatively con- the Thanksgiving weekend, tained, some have wondered if but the process could start in the threshold forshutdowns Va ccine the coming weeks,under a should be tweaked. plan to intensifytesting and Michael Mulgrew,president BY JIMMY VIELKIND bring students back in waves. of the United Federation of In-personinstruction in the Teachers, which represents Nearly aquarter of New nation’slargest school district 120,000 Department of Educa- Yorkers say they are unlikely stopped last week afterthe tion employees,said the city to take avaccine against the city’s rate of newCovid-19 should adopt the state’sgeo- coronavirus when it becomes cases hit athreshold that trig- graphic strategyoftargeting available,according to apoll gered the closures. local coronavirus-infection released Tuesday. MayorBill de Blasio said ratessothat city public schools

Twenty-four percent of the Monday that he believed Gov. GES in low-infection neighborhoods

803 NewYork statevoters Andrew Cuomo could imple- IMA cansafely reopen in the future. surveyed by the Siena College ment tougher lockdown re- “That’sthe way to actually ETTY

Research Institute last week strictions next week forthe /G getschools open whereit’s

said they would either proba- entirecity under the state’s ANO safeand also allows us to mon- IS

bly not or definitely not take a three-tiered approach that CC itor communities that arestill

Covid-19 vaccine if approved identifies hot spotsasred, or- LO having aproblem and make by the Food and Drug Admin- ange or yellowzones.The city surethat all the correctiveac-

istration. The survey showed could be designated an orange MICHAEL tions arehappening,” he said. 35% said they definitely would zone, the mayor said. A classroom sits empty at Yung Wing Elementary School P.S. 124 in Manhattan’s Chinatown. Mr.Mulgrew said that while take the vaccine,and 34% said Under that designation, he doesn’t think the city has the they would probably take it. schools must remain closed for turn comes as people citywide lateSeptember,becoming one the stateare still working out capacity to test everychild, he Threedrugmakershavesaid at leastfour days,but they can have waited in long lines for of the few large urban areas to details,but he expectsspecial- agrees that no student should in recent weeks that vaccines reopen if staff and students testing in recent days.Mr. de do so.The district randomly needs studentswill return first be allowedonschool premises under their development were test negativeand schools agree Blasio,who has been under tested staff and students, and to classrooms,likely followed without asigned consent form shown to be broadly effective to weekly testing of students pressurefromthe city’s teach- it celebrated the fact that in- by pre-K students. Elementary, from theirparent or guardian in late-stage trials. On Friday whoattend in-person classes. ers’ and principals’ unions to fection ratesinside buildings middle and high-school stu- allowing them to be tested. Pfizer Inc. and partner BioN- “Oncethat happens,wewill remain hypervigilant about had remained low. That reality dentswould followinwaves. Thecity Department of Edu- Tech SE asked U.S. health reg- be in a position to take addi- Covid-19 cases,said that any and the widely accepted view Amongthe questions likely cation’smandatoryrandom ulators to permit emergency tional measures to reopen reopening would requirestu- that younger students and to arise in the coming weeks is testing policywasn’t carried out use of their two-shot vaccine. schools,” Mr.deBlasio said at dentsand staff gettested in ad- those with special needs per- whether the city Department in everyschool when in-person Siena spokesman Steven aMondaynewsconference. vanceofreturning to buildings, form betterwith in-person in- of Education will keep itscur- classes were in session, the Greenbergsaid the survey “And there’saclear protocol with “constant testing through- struction have prompted Mr. rent threshold forshutting union said. That hasprompted found support forthe vaccine forthat. It involves alot more out the school year,much more de Blasio and otherstothink schools.Now,ifthe shareof mayorand the UFT to insist was“regardlessofparty,region, testing.It’saveryconserva- than we’vebeen doing.” creatively andcritically about Covid-19 teststhat arepositive that everychild who returns to race,age,religion, gender.” tive, cautious approach.” New York City reopened howtoexecutethe return. hits3%overaseven-day aver- in-person classes must come Even afterapproval, mass Theplan foragradual re- schools forin-person classes in Themayor said the city and age, schools close.The city has with atest consent form. distribution will take months. NewYork Gov.Andrew Cuomo said in October he expected peo- ple might be skeptical that FDA NYC’s First Black Mayor Sought to Unite People approvals could be influenced by President Trump,who has pressed the rapid deployment of BY KATIE HONAN forevery resident and prom- tally ranovertwo Black chil- to Mr.Giuliani in 1993.Mr. Dinkins moved to Manhattan’s avaccine.The Democratic gov- ised anew eraincity politics. dren.AJewish student was Giuliani’s campaign seized on Harlem with his mother and ernor formed apanel of state David N. Dinkins,the first “I see NewYork as agorgeous stabbed to death as retaliation. high crime rates and quality- grandmother when he was6 expertstoreview anyFDA de- Blackmayor of NewYork City mosaic of race and religious Mr.Dinkins tried to calm of-life issues. yearsold. He later returned to termination, and he has criti- who worked to uniteadivided faith, of nationalorigin and tensions,but the riotslasted Mr.Dinkins leftCity Hall NewJersey to livewith his fa- cizedthe Trump administra- city as it battled a high crime sexual orientation, of individu- days. He later said his legacy with dignity, urging his con- ther, a barber. tion’svaccine-distribution plans. rate,died Mondayathis home als whose families arrived yes- stituents to continue working “Wewerepoor as hell, but I Thepoll also found an, in- in Manhattan at 93 years old, terday and generations ago,” he forabettercity,said KenSun- didn’t knowthat we were poor,” crease in support forlegalizing the police said at his 1990,inauguration. David Dinkins, shine,founder of the public- Mr.Dinkins wroteinhis mem- recreational marijuana for OBITUARY department But Mr.Dinkins’smessage elected in relations firm Sunshine Sachs, oir,“AMayor’s Life: Governing adultsand letting NewYorkers DAVID DINKINS said. of unity and the programs he 1989, saw a who wasthe former mayor’s NewYork’sGorgeous Mosaic.” bet on sportsmatches from 1927-2020 Mr.Din- launched—including apopular ‘gorgeous first chief of staff. He enlisted in the Marines their mobile devices.Sixty per- kins,aDem- after-school program for stu- mosaic’ of “The fact that he lost by a but never sawcombat. He cent of voters surveyed support ocrat, waselected mayorin dentsand an advisoryboard people in the hair to Giuliani doesn’t be- graduated from Howard Uni- legalizing marijuana, and 32% 1989 at the end of amunicipal to field policecomplaints— roiling city. smirch a wonderful one term versity with honors in 1950. oppose doing so—up from a scandal that plagued then- were overshadowedbyahigh and along career afterthat as MayorBill de Blasio,who split of 55-40 in aFebruarysur- MayorEdKoch’sthirdterm. He crime rate, a fiscal crisis and being one of the wise eldersin renamed the Municipal Build- veybySiena. Support forsports defeated Mr.Koch in amayoral race-related riots. would be tied to what hap- NewYork politics,” Mr.Sun- inginMr. Dinkins’shonor in betting increased to 50% in the primaryand went on to beat NewYork City recorded a pened in Crown Heights, pre- shine said in an interview. 2015,said: “He showeduswhat latest poll from 44% in Febru- the Republican candidate, Rudy record 2,245 murdersin1990. dicting it would be in the first David Norman Dinkins was it wasliketobeagentleman, ary2019.This month’ssurvey Giuliani. In 1991, riotsbroke out in line of his obituary. born on July 10,1927,inTren- to be akind person, no matter has amargin of error of plus or When he took office, Mr. CrownHeights, Brooklyn, after He served just one term as ton, N.J. His parentsseparated what wasthrownathim, and a minus 4.1 percentagepoints. Dinkins vowedtobethe mayor aHasidic Jewish man acciden- mayor, losing are-election bid when he was a child, and Mr. lot wasthrownathim.”

In-house self-winding movement, 40mm steel case P2JW330000-2-A010B0-1------NS

A10B | We dnesday, November 25, 2020 NY ** THE WALL STREET JOURNAL. GREATER NEW YORK

METROMONEY | By Anne Kadet NYCBusinessOwnersCountTheir Blessings

With When he first heard of the Thanksgiving program, he was skeptical. coming, I re- “I’m never going to get cently reached that,” he told his accountant. out to dozens He was blown away, after of New York applying, to find a big de- City business owners—some posit in his business check- thriving but most still strug- ing account. “It was some- gling—to ask what they are thing from left field. I didn’t grateful for in 2020, aka the expect to get a check for worst year ever. $150,000,” he says. “Who- Boy, did I get an earful! ever was behind it, thank Several cited informal you very much!” support groups that emerged The loan allowed him to early in the pandemic. continue paying his office Fonda Sara, owner of staff of two and his seven- Brooklyn flower shop Zuzu’s man truck crew through the Petals, is grateful for a circle lockdown when 90% of his of 20-plus neighborhood clients were closed and had shopkeepers who met weekly suspended payments. “I on Zoom while struggling to never expected anything like keep their boutiques, day that,” says Mr. Fava, adding spas, salons and yoga stu- that most of his business has dios afloat during the spring since returned. lockdown. My favorite stories in- “We were all in the same JOURNAL volve the small, odd gestures

boat,” Ms. Sara says. REET New Yorkers made to sup- They traded insights on ST port and uplift one another. LL

how to negotiate rent reduc- WA tions, apply for PPP loans, on Raznick,owner of THE

retain employees and transi- R Manhattan-based retail tion to online sales. FO R packagesupplier RTR “They were incredibly ON Bag,recently met his long- generous and supportive of time freelanceaccountant for

me as an older business- SHEPPERS dinner at adiner.Afterward, B

woman,” says Ms. Sara, who RO while they were walking to bought her shop in 1974. the bus stop,the accountant “Just speaking to them and acast-iron dog nutcracker, came through, including Jon- despite his two-hour com- forgot. He offered not just pulled asurprise giftfrom seeing their faces was a stoneware and wood food- athan White, executive vice mute. the technical expertise of her purse to celebrateMr. comfort.” storagecontainers, hand- president of White Coffee, a “You could see they were himself and his brother to Raznick’srecent, hard-won Many say they won’t for- painted china plates,vintage family-owned, 80-year-old exhausted, they were help move the cafe’s events uptick in sales: Tworib-eyes get the support of customers Japanese dolls… roasting and packing com- stressed, but they never said online, but a generous dona- and aflank steak from Otto- who stepped up their pa- “He purchased four pop- pany in Queens. In mid- no,” Mr. White says. “They tion to fund the transition. manelli Bros.butcher shop tronage in a big way. corn makers that look like March, three-quarters of the went above and beyond.” The cafe was soon Zoom- on York Avenue. Robby Schnall, co-owner the Death Star from Star company’s production crew ing a full schedule of live “She knows this dawgg of Brooklyn housewares and Wars—one for every member came down with Covid-19. any nonprofits, performances to a global au- loves his steak,” Mr. Raznick gifts shop Woods Grove, is of his family,” Mr. Schnall “An employee had a baby meanwhile, were dience. “The support that says. says. shower and everyone came M still marveling at one cus- blown away by sup- comes from out of the blue He was so happy with the tomer who transformed from and hugged her goodbye,” port from donors. An exam- from people who value our gift, he serenaded her in the a regular to a super-sup- he customer’s 54 pur- says Mr. White, who got a ple that really stands out to work and want to express rain with Sinatra’s “Autumn porter. T chases helped Woods mild case himself. “Not a Daniel Gallant, executive di- confidence in us—that’s Leaves.” Afterthe patron heard Grove cover expenses good idea.” rector of the Nuyorican Po- something extra special,” “It was one of the nicest Woods Grovewas struggling at a time when sales were With only a dozen of the ets Café on Manhattan’s says Mr. Gallant. things and funniest that any- in the lockdown, the man em- down 90%, Mr. Schnall says. plant’s 45 production work- Lower East Side, was an un- It’s not often that people one has ever done for me,” barked on acontinuing shop- “And he was doing it in a ers available, everyone who solicited email that arrived thank the government, but Mr. Raznick says. “It was ping spree,sending regular way that didn’t offend. He was able stepped up, Mr. from a local venture capital- many business owners are just a random act of support emails to order merchandise was buying things and sup- White says. Warehouse guys ist just three days into the feeling grateful for their PPP and friendship. Something fordelivery: puzzles,vinyl porting and having fun at manned packing machines. lockdown. loans, including Gino Fava, we all want.” records, organic soap,coaster the same time.” Executives delivered coffee The man wrote to say he owner of Liverpool Carting Maybe it wasn’t such a sets, aUSB lighter,Andrew Many business owners to hotels. The purchasing had performed at one of the Co., a small, two-truck com- bad year after all. Cuomo and AnthonyFauci said they also are grateful agent took on a double role cafe’s poetry slams 18 years mercial trash-collection ser- rocks glasses,acigar ashtray, for how their employees as the production supervisor ago—an experience he never vice based in the Bronx. [email protected] GREATERNEWYORKWATCH

QUEENS the residence and immediately dead at the scene, according to opened fire, striking both offi- officials. He had twohandguns in Two NYPD Officers cers. his possession at the time of the Injured in Shooting The officers, who were as- incident, and athirdgun at an- signed to a domestic-violence other location, the officials said. Two New York Police Depart- unit in the 105th Precinct, re- Mayor Bill de Blasio said the ment officers were shot and turned fire, hitting the man— officers, whose names haven’t wounded Tuesday while re- identified by officials as Rondell been released, acted heroically. sponding to a domestic-violence Goppy, a peace officer at the Officers had responded to incident in Queens, police offi- City University of New York. previous reports of domestic is- cials said. A suspect was shot One police officer was struck sues at the address where the and killed, according to officials. in both hands and the other in shooting occurred, police officials NYPD officials said the offi- the leg, fracturing a bone, ac- said. cers were escorting a woman cording to officials. The officers —Ben Chapman who had reported a domestic-vi- were taken to Jamaica Hospital olence situation to her home on Medical Center for surgery, NEW JERSEY 179th Street in the Springfield where they were listed in stable Gardens section at about 12:45 condition, the officials said. Police Now Required p.m. when her husband entered Mr.Goppywas pronounced To Wear Body Cams All police officers on patrol across New Jersey will be re- quired to wear body cameras under legislation advanced fol- lowing the summer’s Black Lives Matter protests and signed into law Tuesday by Democratic Gov. Phil Murphy. New Jersey joins five other states requiring law enforcement to wear the cameras, according to the National Conference of State Legislatures. “This is a major step in pro- viding transparency and account- ability in law enforcement,” said bill sponsor Democratic state Sen. Shirley Turner. “When ev- eryone is on camera, everyone is on their best behavior.” The governor’s office esti- mates that outfitting about Adifferent kindof 23,000 officers with cameras could cost about $56 million. palm reading. Police unions have backed the legislation. —Associated Press Be the first to know the latest business news, live market updates, and real-time insights NEW JERSEY and analyses with the Deloitte Insights app, Derailment Causes powered by Dow Jones. Commuter Delays Get all that and more in the palm of your Eight cars of a New York hand, and you just might be able to predict City-bound commuter train de- what the future holds. railed early Tuesday, leading to delays during the morning rush hour. No injuries were reported. Scan the QR code to The NJ Transit derailment download the apptoday. happened in Perth Amboy at about 12:20 a.m. as North Jersey Coast Line Train 3292 headed to New York’s Penn Station from Long Branch, said Jim Smith, agency spokesman. The cars remained upright, Copyright ©2020 Deloitte Development LLC. All rights reserved. and none of the seven passen- gers on board or the crew were injured, Mr. Smith said. —Associated Press P2JW330000-0-A01100-1------XA

FAMILY & RELATIONSHIPS PERSONAL JOURNAL.

© 2020 Dow Jones & Company. All Rights Reserved. THE WALL STREET JOURNAL. We dnesday, November 25, 2020 | A11

Reconciling (2) GS IMA When Our GETTY OR; CZ KA

A PoliticsAre END GW

BY Polarized ION AT TR US ILL

tion skills. To restore genuinely now via Zoom—that bring conser- Everyone needs an attitude ad- ship. When they met last year, BONDS friendly relations with friends, vative (or “red” in the group’s lex- justment. In order to repair our they deliberately avoided talking ELIZABETH family members and those in our icon) and liberal (“blue”) partici- relationships, we need to be will- about politics, bonding instead BERNSTEIN communities, we need to move pants together to discuss politics, ing to accept our differences. We over work, family, dogs and barbe- past our mutual hostility and heal. as well as issues such as climate need to see our family members, cue. (He is from Austin. She is This will require us to listen, to change and race. friends and people in our commu- from Nashville.) But right before try to understand why people feel In the Red/Blue sessions,people nity for more than their political the election, Ms. Heady mentioned n a Sunday afternoon differently than we do, and to find learn to expresstheir views in con- beliefs. And we need to spend that she was upset about some- earlier this month, and focus on the things we have in structivewaysand listen carefully more time focusing on what is ad- thing she heard in the news, and eight Democrats, seven common. without leaping to contradict oth- mirable in someone’s character. the two agreed to talk about it. So Republicans and one In- There’s an urge to break off ers. Just likesparring spouses,par- “We should remind ourselves that she shared her views. Then he dependent attended a ties right now, to claim we “can’t ticipantslearn to adheretothe ma- this is someone I care about. We shared his. And each tried to re- O possibly understand” how some- have a history together. We love a ally listen. three-hour Zoom meet- jor tenetsofmarriagetherapy: ing to discuss politics. There was one could hold the views they Speak foryourself; don’t interpret lot of the same people. We have It went OK.And so theykeep no screaming. No one hurled accu- hold. This is a personal decision. what’sgoing on in the other per- bonds that are deeper and more trying.Iftensions rise,one of them sations or stereotypes. People But Dr. Doherty says we should be son’s mind. Accept powerful than will say: “Idon’t think we arego- thanked each other for sharing very careful: The vast majority of your owncontribu- politics,” says ing to agree on this one.Weshould their opinions. people who hold different views tion to the problem— Dr. Doherty. stop talking.” Then theyreturn to It felt like a miracle. from us aren’t bad folks. Their po- and thatyou canonly In the Braver whattheyhaveincommon. The meeting was a “Red/Blue litical opinions aren’t the only changeyourself.Fo- Angels Red/Blue Afterthe recent SundayRed/ Workshop,” conducted by Braver Blue workshop,HowardReitz, an Angels, a nonpartisan nonprofit 81-year-old retired music profes- that was created after the 2016 Tips ForTalking n Stop trying to ing whether it sor and violinist from St.Paul, election by people concerned change the other is OK to offer Minn., who is aRepublican, said about the increasingly polarized With Someone With person. It rarely your views. thatone of his most important tone of political discourse in the Different Views works and leads to Offer your takeaways “waslearning thatnot U.S. The aim of these workshops is endless arguing. Re- perspective showing one’s emotions—ap- to bring people with different po- member: We can only change (if the person has signaled a will- proval, shock,disapproval—is a litical views together to share ere is some advice from Wil- ourselves. ingness to hear it). valuable and necessaryskill.” Te- their beliefs and search for com- Hliam Doherty, a marriage and n Seek to understand. This means n Use“I”statements instead of resa Collett, 63,alaw professor in monalities. “You look for the glue, family therapist and co-founder we need to talk less and listen dogmatic ones.(“This is how I St.Paul, Minn., who is aRepubli- for that which binds,” says Wil- of Braver Angels, a nonprofit that more—a lot more. Stop explaining see it” instead of “How can you can, said she wasstruck by how liam Doherty, a marriage and fam- works to depolarize Americans. your point of view and try to under- not see this?”) important it is to have ashared ily therapist, professor of family vocabularyaround issues,such as n Be humble and accept stand why the other person sees n Depolarizeyour language. social science at the University of the world as they do. policereform. Minnesota, and one of the group’s responsibility. “Meaningful Avoid labels, such as “bigoted” or Martha Brown, a Democrat co-founders, who designed the progress occurs when n Trythe LAPP Tech- “unpatriotic.” If someone offers from Red Lodge, Mont., and Ken workshop. “Now is the perfect both sides see that nique: Listento under- their opinion and you put a label Goodpaster, a self-described “con- time to begin this process of rec- they have contributed stand, not reload. Ac- on it you are never going to have servative independent” from St. onciliation.” to the problem,” Dr. knowledge what you a meaningful conversation or Paul, Minn., were paired up during Amajority of Ameri- Doherty says. heard. Pivot by assess- mend the relationship. the one-on-one discussions. They cans—67%—believe it’simportant discussed gun violence, immigra- to getalong with people theydis- tion, racism and Covid-19. Both agree with politically, according thing that defines them. cus on whatyou have workshops,participantstakepart said they were surprised to find to a recentlyreleased study by re- And we lose a lot when we in common: the shared in structured discussions thatallow common ground on a variety of is- searchersatHarvardGraduate lose a relationship that was history, goals,aspirations them to practicelistening to one sues, including gun regulation, School of Education called “Bridg- important to us. and values. other.Inone exercise,theytake controlled immigration, police re- ing America’sPolitical Divide.” Dr. Doherty designed the “Both sides have temptations turns explaining whytheythink form and the need for Covid-19 Eighty-three percent of the sur- Braver Angels workshops based on to resist,” Dr. Doherty says. “If you their side’s values and policies are precautions to protect the most vey’s approximately 1,400 respon- techniques used in couples ther- are happy about the election, good forthe country, as well as vulnerable. dentssaid theycould respect apy. The group’s name was in- your temptation will be toward whatreservations theyhavefor “We learned a lot from each someone who disagrees with spired by the words of Abraham triumphalism. And those who have these policies.Theybreak into other,” says Dr. Brown, 62, a re- them politicallyaslong as the Lincoln, who encouraged Ameri- lost will have a temptation for groups—one for “reds” and one for tired university administrator. person respected them back.And cans to summon the “better angels vengeance.” “blues”—to explorestereotypes. “It was exciting,” says Mr. 80%said theywould be “happy” of our nature.” It is funded by So what does Dr. Doherty sug- And theypair up—one redand one Goodpaster, 76, a professor emeri- to engageinconversations with membership fees from its 13,000 gest we do? First, if your side blue—and discusstheir views. tus of business ethics. “There people who have opposing politi- members and grants from founda- won, don’t gloat. (Sorry.) It Braver Angels volunteers Steve were a lot of themes that reso- calviews—as long as the conver- tions across the political spec- doesn’t foster goodwill. You also Saltwick, a Republican, and Lynn nated with both of us, including sation wasconsiderate, with nei- trum. In the past four years, should not expect someone on the Heady, a Democrat—who work the importance of unifying the ther party belittling or Braver Angels has created chap- other side to apologize. You don’t closely together as co-directors of country in the wake of a close disparaging the other. ters in all 50 states and run thou- need that to move on. And the the group’s field operations—have election. And yet true reconciliation will sands of workshops, debates and goal is to restore the relationship, tried to put the group’s advice “We have a family here and it take more than good communica- presentations—first in person and not punish the person. into practice in their own friend- needs to be healed.”

topics or format to come up with a Lab, in Toronto. “It gives everybody ahead of time and—if plan. Oftentimes, an opportunity to talk likeina youcan swing it—put acelebration with boardmeeting,” she says.Finding someone in charge of multiple families someone to hostthe call canhelp it all. And err on the involved will bene- avoid everyone talking at onceand side of small talk. fit from aquick help extendedfamilies stay en- HowtoZoom planning call to gaged, she adds. The details talk through logis- Thanksgiving Keeping families en- tics afew days be- Keep the conversation light.Take gaged via video is of- fore,adds Dr. a cue from your co-workers about Using Techniques ten the biggest chal- Baron. appropriate topics that transfer well lenge. Young children, a to a family Zoom call. A multi-per- burning sweet potato Keep tech skills son videoconference makes it diffi- From Work casserole and the tele- in mind.Since cult to get any point across—let vision can all pull par- family members alone on contentious topics includ- With smaller gatherings this ticipants away from the don’t use the ing politics, the pandemic or family screen. same company-is- grudges. “It’s not clear that you’re year, how can you translate sued devices, some may able to have a kiss ‘n makeup after,” months of experience with Keep it short.Consider be unfamiliar with the technology. says Dr. Baron. workplace Zoom meetings to swapping the long un- To avoid day-of glitches, send out a Thanksgiving video call? structured videocall, for casual check-in afterthe specific directions for logging on Lastly,loweryour expectations. shorter meeting-style calls meal, she says.“Electronically,you ahead of time. Justlikeit’simpossible to replace throughout the day, which allows want to capturesome of the spirit,” daily chats in the officehallway, The bottom line even busyfamilies to makeanap- she says. Take turns.During the call, give there’snothing thatcan entirely Showing offthe turkey on Zoom is pearance, says Naomi Baron, profes- each family member achanceto takeaway the pain of celebrating likely to be moreenjoyable than sor of linguistics at American Uni- Plan ahead.Set an agenda andsend participate.Try atwistonthe cor- virtually when you’re craving in- sitting through amorning meeting versityinWashington, D.C.She dial-in details in ameeting invite. Un- porateicebreaker question by ask- person contact,adds Dr.Baron. “It’s with your boss. But experts say recommends folkskeepthem to 15 derstanding the purpose of the holi- ing each person to showoff the hardtocapturethatconnection GES someofthe same workplacerules minutes or less. Consider hosting dayvideocall—be it acasual catch turkey,dessertoranother signa- thatyou get at the family table,” IMA apply to holidayvideocalls with calls during the cooking process, as up or an attempttorecreateexisting turedish, says Anna Lomanowska, she says.

GETTY lovedones:Keepitbrief,plan the the family is eating dinner or amore family traditions—canmakeiteasier directorofthe Digital Well-Being —Alina Dizik P2JW330000-0-A01200-1------NS

A12 | We dnesday, November 25, 2020 NY THE WALL STREET JOURNAL. PERSONAL JOURNAL. | FAMILY & RELATIONSHIPS

 Owen Burns said he is often tempted to do something else during remote class.  His sister, Vivian, focuses but says it’s boring.

study. “When you’re put in a situa- tion with less routine and struc- ture, it could have an impact on learning,” he said. Remote Working independently—which many students now are expected to do when they aren’t getting live virtual instruction—requires not Learning just focus but also motivation. Some studies have shown that girls report higher levels of aca- Puts Boys demic motivation than do boys. Many children were motivated to show up and do well at school by factors such as interaction with At Higher friends or participation in sports, said Devorah Heitner, author of

(2) “Screenwise: Helping Kids Thrive Risk (and Survive) in Their Digital World.” “If you take away the car- JOURNAL rot for showing up at school, what

REET do they have?” she said. ST Kelly Nichols has seen ahuge LL

WA differenceinthe ability of her 8- year-old boy-girl twins to remain THE

R focused and motivated in virtual FO class. Her son, Owen Burns,was TT

WE disrupting classand struggling to

HE payattention beforethe pan- CY

LU demic; it is only worsesincehe has been at home,she said. FAMILY South Wales who led the analysis. ask for help,” said Ms. When he loses in- &TECH Researchers at Stanford Univer- Cowperthwaite, a terest or isn’t JULIE sity’s Graduate School of Educa- part-time pharmacy getting attention, JARGON tion studied test scores from every technician in Centen- he walks away public school district in the U.S. nial, Colo. from the class. between the fall of 2008 and the Her 10-year-old “He’supand spring of 2015 and found girls daughter, Abbie, has around, hiding. emote school has exposed scored higher than boys in reading done as well academi- He makes it so inequities in education, and writing in almost every dis- cally in remote school we have to track from rural residents who trict regardless of economic back- as she did in person. him down and don’t have high-speed in- ground or race. By the end of “She’s had an easier bring him back,” Rternet service to low-in- eighth grade, they found, girls time adapting to said Ms.Nichols, come families who don’t were almost a full grade level learning at home,” ahealth-policy have laptops. Boys could be an- ahead of boys in reading. In math, Ms. Cowperthwaite advocateworking other student group that falls be- boys from affluent and predomi- said. “She seems more from her High- hind during virtual learning, ac- nantly white school districts confident, she partici- land Park,Ill., cording to some researchers. scored higher than girls, but in pates in class and she home.“It’svery Studies conducted before the lower-income and more racially di- is not afraid to write hard,” Owen said coronavirus pandemic reveal an verse districts, girls often outper- her teacher an email of remoteschool. academic achievement gap be- formed boys in math, too. to ask a question.” “It’salways tween boys and girls, with girls TheJournal of Ad- tempting to do ahead. Now, some pediatric re- olescent Health last other things.” searchers say they expect the dis- Virtual classes could month published a Her daughter, parities to only increase. study comparing Vivian, in the A 2018 meta-analysis of more widen the academic learning difficulties of 238 male and otherssaid their daughters same class, works ahead or pulls than 200 mostly U.S. studies of achievement gap and female adolescentswith and arestruggling. out abook if the teacher is in avir- teacher-assigned grades found without attention-deficit hyperac- Nevertheless, boys are diag- tual breakout room with others, but girls had significantly higher between boys and girls tivity disorder afterschools nosed with learning disabilities at she canget distracted, too. Ms. grades than boys in elementary closed last spring.The students a greater rate than girls, and far Nichols said she sometimes sees school through college, including with ADHD reported significantly more boys than girls are diag- her staring off “intothe middle dis- in science, technology, engineering moredifficulties with remote nosed with developmental disabili- tance,” although she canpower and math. The findings showed Anew report found that stu- learning,such as having fewer ties such as ADHD and autism, through lulls. that while males are overrepre- dentshavefallen far behind in math routines and moretrouble con- which also can affect learning, ac- Vivian said remoteschool can sented in STEM careers it isn’t be- because of the lossofin-person in- centrating,than the students cording to the Centers for Disease be boring.“Ijust tell myself it’s cause they are outperforming fe- struction that began last spring. without adiagnosis. Control and Prevention. going to be over soon,” she said. males in those subject areas. Thereading losses weren’t as steep. Manyacademic researchersare “Boys are not only diagnosed Ms. Nichols worries her son is “I expect that remote learning Amy Cowperthwaite said a lack carefultoavoid making gender- most frequently with ADHD, but losing valuable instructional time will widen the existing achieve- of motivation is the main problem based distinctions,and parents boys who aren’t diagnosed have when he is away from the screen. ment gap between boys and girls, facing her 13-year-old son, Ben. He oftenbalk at anything that could higher levels of distractibility “He would fall through the cracks assuming that remote learning de- was getting A’s and B’s before the be construed as reinforcing gen- symptoms than girls,” said Ste- if I wasn’t advocating for him,” she mands greater conscientiousness pandemic; during his first quarter der stereotypes.When Iqueried phen Becker, an associate profes- said. “I think of people who have than classroom learning,” said of remote school this fall, he failed parentsabout howtheir children sor of pediatrics at Cincinnati no advocates and that’s who I Rose O’Dea, a postdoctoral re- two classes. “He does not like to aredoing in remoteschool, some Children’s Hospital Medical Center, worry about—that’s where that searcher at the University of New participate in virtual class or even said their sons aredoing just fine and lead author on the new ADHD gap is going to get wider.”

MY RIDE |A.J.BAIME This MercuryCougar Is a One-of-a-Kind Muscle Car

Dick Bott, 73, a retired investment dealer and showedhim a Duetto banker living in Westchester Spider,atwo-seat Italian roadster County, N.Y., on his 1968 Mercury exactly likethe carDustin Hoffman Cougar XR-7 convertible, as told to drove in “The Graduate.” He shook A.J. Baime. his head. To him, it looked likea stapler.Hesaid, “The deal doesn’t ydad wasacareerGood- apply to little Italian sports cars!” Myear executive, so Igrewup We ended up buying a Mercury crawling Cougar, which around tirestores. was a brand Iwas acar nut al- new model that mostfrombirth. year, in 1967. Dick Bott with his 1968 Mercury Cougar. For a muscle car, its Euro-inspired dashboard was stylish in its day.

(2) He agreed to pay Capitalizing on forhalf of my first the huge suc- car. When Iwent cess of the one at Lime Rock raceway in Con- my generation, Ilongedtodrivemy first Cougar.The restorerhad added JOURNAL to Princeton, there Mustang necticut. Specifically, I was inter- first caragain. In 2005,Iwentlook- on desirable features likefog lights

REET wasarule that (which first ested in a special upgrade called ing foraCougar on eBay.Itwasn’t and ahood-scoop.But mostimpor- ST datedback to the came out in the XR-7. It featured a faux-wood going to be easytofind amanual tantly,hehad done ahighly profes- LL

WA days of F. Scott 1964), Ford dashboard that was a good copy of transmission Cougar XR-7 from that sional conversion of the coupe into a Fitzgerald against wanted to put a Jaguar’s, and had very British in- era. But afteryearsofsearching, I convertible,naming this carXR-7C THE

R students having out a more lux- strumentation. struck gold. (the Cfor convertible). FO cars on campus.But my junior urious muscle car. [Mercury was a IshowedupatPrinceton in a ACougar-loverinwestern Massa- Iboughtthe carin2010. Ionly year,thatrule changed. Isaid, “OK, division of Ford.] Dan Gurney, the greenCougar XR-7 thathad aman- chusetts had spentfour yearsrestor- driveitonbeautifuldays. But Ican Dad,Ihave my half.Let’s go get a legendary American racing driver, ual transmission. When Igraduated ing a1968Cougar XR-7.Ithad a enjoythis carjustbylooking at it be- DERBALLA

N car.” was having success racing Cougars, and joinedthe Army, Isold thatcar. manual, likemyfirst Cougar.Ithad cause to me it is awork of art.And, YA

BR Itook him to an AlfaRomeo and in 1967, I saw him compete in Manyyearslater,likemanypeople of greenpaintand atan interior,likemy it brings back so manymemories. P2JW330000-0-A01300-1------XA

THE WALL STREET JOURNAL. We dnesday, November 25, 2020 | A13 ARTS IN REVIEW

BY WILLIAM MEYERS

Flushing, N.Y. ruce Davidson: Out- sider on the Inside,” at the Queens Mu- seum, makes clear ‘Bthe difference be- tween Mr. Davidson (born 1933) and his contempo- raries, the famed street photogra- phers of the mid-20th century. Their subjects were always strang- ers: Garry Winogrand was never going to have a relationship with the fleeting women he shot on Midtown Manhattan sidewalks, Swiss-born Robert Frank was a foreigner in a strange land, Lee Friedlander was looking for his shadow. The sense of transience in the interaction between photogra- pher and subject is what makes their work poignant. Mr. Davidson, by contrast, knows who his sub- jects are. When he photographed his “Brooklyn Gang” series in 1959, Mr. Davidson was not that much (3)

older than its members, and he in- S gratiated himself. The result is a TO grittier, more intimate image of PHO the Jokers, as the gang called it- self, than that of a photojournalist GNUM

on routine assignment. We see N/MA members with their girlfriends rid- SO VID

ing buses and subways; playing DA stickball in the street between UCE

rows of parked cars; smoking, BR drinking, and making out under the boardwalk at Coney Island. Mr. ARTREVIEW Davidson caught gang members at Mike’s Tattooing and then one member with his T-shirt sleeve His Subjective Experience rolled up to show his ink. Alone or together, they frequently look dispirited. The wall text about one of the best-known images from the BruceDavidson’s work is deeply intimate thankstothe rapporthebuilt with thosehephotographed series tells us that Cathy, the pretty blonde combing her hair in the mirror of a vending machine, Davidson’s constant themes rather established let him achieve consid- later “shot herself after a losing than his artistic development over erable intimacy; he was able to battle with drug addiction.” time. For example, Benjamin Men- shoot the project with a large view The 103 prints in the Queens ex- dez, the exhibitions fellow who cu- camera on a tripod, a camera that hibition concentrate on Mr. David- rated the show with a few tweaks could not be used surreptitiously. son’s New York series—not only from Director of Exhibitions Hit- In one picture a swarthy man in a “Brooklyn Gang” (1959) but “East omi Iwasaki, grouped pictures of shirt with its sleeves ripped off 100th Street” (1970), “Subway” couples from different series to- stands on the sidewalk holding up (1980), “Lower East Side” (1990), gether, rather than presenting the a little girl in a white lace dress; “Central Park” (1995) and others. work in strict chronological order. they both stare intently at the Because of the recent racial un- The city block Mr. Davidson photographer. In another sidewalk rest, a last-minute decision was photographed for “East 100th picture, three Black women on made to also include work from Street” is in Spanish Harlem, at their way to church pose in their “Time of Change,” Mr. Davidson’s that time a decaying, impoverished Sunday best. A 30-by-40-inch print nationwide documentation of area. He got its denizens accus- of the façade of a six-story apart- 1960s civil-rights protests; those tomed to him, showing them ex- ment building, taken from a high photos are in two separate vit- amples of his work and giving floor across the street, shows men rines. The hanging prints are of them more than 2,000 prints of on the sidewalk sitting on boxes, various sizes and in a variety of pictures of themselves. the visual rhythm of the steel fire frames, and the emphasis is on Mr. The relationships he patiently escapes, a man on one fire escape talking with some neighbor- Photos from Bruce Davidson’s series ‘Subway’ (1980), top; ‘Central Park’ ing women lean- (1991), above; and ‘Brooklyn Gang’ (1959), left ing out their windows, and the crumbling The “Subway” series began in Cibachrome print shows six Latino cornice. black-and-white, but it was contin- girls, certainly bridesmaids, re- A vitrine holds ued in color to get the full garish- splendent in their identical pink two small photo ness of the graffiti that made the satin gowns. In the foreground of . One has subways scary. The apprehensive a panoramic black-and-white pic- pictures from look on the face of a young Black ture of Bow Bridge, a romantic Mr. Davidson’s girl captures the mood. couple embraces in one of the “Subway” series; There are 37 prints from “Cen- Lake’s gazebos. With Bruce David- the other, pic- tral Park” here—some in black- son, locales are usually important tures from “Cen- and-white, some in color. Several only for what they tell us about tral Park” and pictures emphasize the disparity the people who inhabit them. some blank between the bucolic park and the photo release surrounding metropolis, but most Bruce Davidson: Outsider on the forms. Mr. David- are about people: the woman with Inside son carried the an enormous snake at Bethesda Queens Museum, through Jan. 17, albums to show Fountain, the homeless man in the 2021 potential sub- Ramble, the couples sunning them- jects he was a selves in the Sheep Meadow, the Mr. Meyers writes on photography talented photog- couples dancing on roller skates for the Journal. See his “Music New rapher and put near the Mall, the just-married York” photographs in avirtual them at ease. couple passing by the Pond. A gallery at anastasia-photo.com.

TELEVISION REVIEW |JOHN ANDERSON whereheteaches literature. He cer- diversions, but the funeral—and tainly keeps it from family where Wally’s fear that Frank is going to he can: When Beth is brought start drinking again—are the main AReluctant Road Trip Home north forcollegebyher parents, points, and they’re made less con- Mikeand Kitty (Steve Zahn and vincing than the acting or the Judy Greer), Frank invites characterizations. If Wally is really THAT“UNCLE FRANK” is show- them to his apartment for in a position to say, “I’m not going ing up on Thanksgiving Eve might dinner,wherehis pal through that again,” he probably seem a bit of Americana mischief, Charlotte (BrittRent- should know that pouring Frank’s given how the family gathering schler) pretends to be his liquor down the sink isn’t going to has become such a source of mock girlfriend of five years. solve anything. Whether some- dread, real dread and standup Stirring the pot, Charlotte one’s last will and testament comedy—and how many people explains that the reason would be read at his funeral might will be staying home, eating pizza they’venever metbefore give a viewer pause as well, al- and missing this year’s domestic is because she’sJewish. though it’s an economical way of drama. The centerpiece of Alan “I’m just glad youain’t wrapping up a story. Which is ex- Ball’s film is a reunion/funeral, one Black,” says Mike. “Ma- actly what it feels like. at which everything goes about as zeltop,” says Kitty. It’saterrific cast, avein of sup- badly as it can. Still, it’s about Mr.Bettany,who deliv- porting-actor gold. Mr.Zahn has a family, and in its gentle way might ershis usual thoughtful, few momentsthat areamong his pluck a few rusty heart strings and intelligent performance, best, and Ms.Greer is anot-quite- plump the needlepointed pillow of portrays Frank without daffyCarolina confection. Margo one’s memories. anyofthe standardgay Martindale doesn’t have alot to do Nostalgia, obviously, is a large affectations,which is not as Beth’sgrandmother,but as part of “Uncle Frank.” It comes in just dignified but asubtle usual does it well. Likewise Lois several ambiguous varieties. In way of acknowledging his Smith, who as Frank’sAunt Butch 1969 backwoods South Carolina, a character’s background: In (a curious name given the context) young girl named Betty Bledsoe South Carolina in the ’40s, tries in her ownway to comfort (Sophia Lillis) walks among her Paul Bettany, Sophia Lillis and Peter Macdissi in ‘Uncle Frank’ his being gaymight have Frank,consoling him that there Southern-cliché relatives with a provoked someone to kill were othersinSouth Carolina who knowing look, though it isn’t clear him—his ownfather, were gaylikehim. “You’reall going exactly what she knows: She’s cer- world that, though barely beyond likeamemoir,and also feels ex- Daddy Mac(afearsome Stephen to hell, y’know,” she adds.Patting tainly in the dark about her visit- Stonewall, is like nothing she’s traordinarily true,and fresh, Root), offered to do so,aswesee herhand and making it sound like ing Uncle Frank (Paul Bettany), ever known. thanks to the untrammeled terrain amid the youthful memories that acompliment, Frank says,“Aunt while we are not: He’s gay and he “Uncle Frank” wasboth written it visits, at leastinNew York.The increasingly impose themselves on Butch, Iknowthat that is the very left home as soon as he could. But and directed by Mr.Ball, who won lifeled by gaymen on the cusp of Frank onceheand Beth start driv- best that you’recapable of.” It’san he recognizes his niece as a kin- ascreenplayOscar 20 yearsago for gayliberation wasacautious one, ing south forhis father’s funeral. excellent example of the kind of dred spirit, encourages her to be “American Beauty” and has since with amarked dichotomybetween Trailing them is Wally,aka Walid domestic political strategyweall

“whomever she wants to be,” and been amajor forcebehind such se- one’ssocial and professional lives: (Peter Macdissi), Frank’slongtime knowalittle bit about, and may S

will become her guide when she ries as “Six Feet Under,” “True Frank might host ahouse party for partner who—despiteFrank’sinsis- actually missengaging in this year. UDIO

gets to New York City four years Blood” and “Hereand Now.” First all his intermingling gayand les- tencethat he stay home—rentsa ST later, changes her name to Beth, shown at the SundanceFilm Festi- bian friends,but he wouldn’t be carand follows the Bledsoes. Uncle Frank ON AZ

enters NYU and is introduced to a valthis year,“Uncle Frank” feels publicizing his sexuality at NYU, What ensues are a few road-trip Wednesday, Amazon Prime AM P2JW330000-0-A01400-1------XA

A14 | We dnesday, November 25, 2020 THE WALL STREET JOURNAL. SPORTS

JASONGAY AVirtual HolidayWithout Touch Football

A coronavirus-era twist on a Thanksgiving tradition—with advice from Dr. Anthony Fauci

Theannual “Rules of Thanksgiving Family Touch Football” is my favoritecolumn to write—this is the 10th edition, believeitornot—but this year,it’stricky. Apandemic per- sists. There’spromising news about vaccines,but folks areexhausted, on edge, yelling at each other on the internet. Health officials are urging families to think of their neighbors, avoid travel, and keep their celebrations small and safe. It’s the careful thing to do, but it’s a mega-bummer. My family will put off its annual touch foot- ball game—the world will be de- prived of my blistering, 45-second 40-yard dash speed—and we’ll eat turkey with my mother via Zoom, but my mother deserves better. Everyone deserves better. Hopefully, next year, it’s back to normal, and we’ll return to inter- cepting cousins, sacking uncles, taunting family newcomers, trip- ping over golden retrievers, dent- ing Buicks, botching the Statue of Liberty play, and treating our inju- ries with a cocktail and a bag of frozen peas. In the meantime, here we go with a weird 2020 rules: 1. So I talked to Dr. Fauci. What, do you think I can only get bike racers and tennis players on the phone? The other day, I spoke to Dr. Anthony Fauci, the head of the National Institute of Allergy and Infectious Diseases, about the risk CK and feasibility of playing Thanks- LLA PO

giving touch football this year. T OT

Basically, the doctor’s advice for SC the family touch football game mirrors the prevailing public- grandfather who has diabetes and 5. Zoom announced that it 8. I think my family is simply someone in your family who says health advice for Thanksgiving: is obese, that’s different than if won’t put a time limit on its free going to gather via Zoom and try this whole pandemic thing is a don’t go nuts. If you play, keep it you’re going home to a 25-year-old meeting option on Nov. 26. That’s to figure out how Wisconsin lost “hoax,” that we’re all “sheep,” and small—the safest option is playing girlfriend or boyfriend.” a nice gesture which will allow for to Northwestern. may show up on your front step only with people you share a home Turns out Dr. Fauci has a regu- longer conversations. Of course, 9. Don’t invite Dabo Swinney without a mask, because masks are with. (If you share your home with lar Thanksgiving touch football when your brother is in his second over and then cancel the football “theater.” It’s utterly OK to hand 11 people, like the Waltons, you’re game himself, on the mall in hour of talking about turkey brin- game at the last minute. He does this family member a turkey sand- in luck! You can play 5-on-5 with a Washington, D.C. “Right there on ing—I really like to put shallots in NOT like that. Ask Florida State. wich, and tell him to eat it by him- sub.) This is probably not the year the grass between the Lincoln Me- the brine—you’ll be begging Zoom 10. Thanksgiving 2020 is the self in the garage. for the Jumbo Turkey Bowl extrav- morial and the Washington Monu- to install a time limit. Hiker’s Revenge. You know how 15. Honestly, this Thanksgiving, aganza with all the neighbors and ment,” he says. “A lot of fun.” there’s always one family member it’s probably best to avoid family the College Kids Who Just Spent This year’s Fauci Bowl is OFF. who says: “Sorry to miss the touch discussions of thorny subjects like 18 hours at the Airport and The Hopefully: next year. Dr. Fa uci’s advice football game—I’m going to go on masks and lockdowns. Stick to a Random Guy Who Nobody Knows 2. So what now? It sounds like a solo hike to Devil’s Jawline!” And safer, less contentious topic, like Who Turns Out to Be Really Good. the 2020 move is a small Thanks- mirrors the public­ how everyone just rolls their eyes the election. “If you are living every single giving dinner with the people you health advice for the and has another Bloody Mary? 16. The annoying part is going day [with] your own little pod, live with, and then a bigger virtual Well, who’s rolling their eyes now? to be all the happy family touch your own little capsule of 8 peo- gathering on Zoom, or another holiday: don’t go nuts. A hike up Devil’s Jawline sounds football photos from families liv- ple, and you want to play 4-on-4? group-chat platform. While Zoom pretty great! ing in Covid-scarce New Zealand. I Go out into the field, just go play,” is a pale substitute for a real fam- 11. Same with puzzles. I’ll try hate New Zealand. I also want to Dr. Fauci says. “But all of a sud- ily get-together, I say don’t worry! any puzzle on Thanksgiving this live there for the rest of my life. den, if you say, ‘We’re having the The same people who make you 6. If you’ve called off the touch year. That puzzle with the fjords 17. Signature cocktail for this neighborhood, and Joe Blow is cry every year in real life are per- football game, I suggest a portion and the prancing unicorns playing year’s Thanksgiving? Sure. It’s just coming in from wherever,’ and you fectly capable of making you cry of the family Zoom call in which badminton? Give it to me—I’ll do a thermos full of bourbon, and it’s have no idea who this person is, online, too. Your Uncle Mel’s jokes all former participants are allowed anything to avoid watching the De- called a “2020.” that makes it a little more risky.” are just as horrible on Zoom. to trash talk about past contests. troit Lions game. OK. So that’s it. I am sending Proper touch football is played 3. It’s OK if you mute Uncle Mel. Scores must be recounted! Unwar- 12. Did you know there was a love to you and your family this outdoors, of course, which dramat- He’ll never know. ranted acts of aggression must be sports columnist in The Wall Thanksgiving, with hope you finish ically reduces risk. But widening 4. If you attempt a virtual get- re-litigated! Also: Grandparents Street Journal who picked the Li- the week safe and full of carbs. I’m the crowd comes with potential together, Mom must be given con- can curse. Grandma and Grandpa ons to win the Super Bowl? I hope confident that next year when we hazards—and choices. trol of the mute button. Whomever have had it with 2020. they fired him. do this, it’ll be all systems go, big “Each family unit needs to make Mom wants to mute, Mom can 7. If you run into any technical 13. I do like the Lions in 2021. game, no hesitation, no rules. In their own decision based on the mute. Mom may love this option, difficulties on the Zoom call, ask With Jim Harbaugh. An idea so 2021, Grandma will be out of quar- risk-benefit assessment,” Dr. Fauci and it’s possible all family gather- any nearby third-grader. They’ve bad, it’s good. antine, and she’s going to be out says. “If you’re going home to a ings will now be virtual. been on it since March. 14. Warning: There may be for revenge.

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NewYork City 56 50 pc 58 51 r Dublin 46 36 pc 44 36 pc Warsaw4028pc4035s s ENE ASSETALPHA Oklahoma City 59 38 s6738s Edinburgh 48 35 pc 44 36 pc Zurich 42 29 pc 42 28 pc Solvethis puzzle online and discussitatWSJ.com/Puzzles. FORAIR TASER P2JW330000-0-A01500-1------XA

THE WALL STREET JOURNAL. We dnesday, November 25, 2020 | A15 OPINION Media Hysteria Is the Trump Show BOOKSHELF | By Leslie Lenkowsky

It’sworth On itsbest days democracy vented about the federal pros- Thanks considering is afaith machine.It’sbound ecution of the pedophile Jef- the dollar to be tested by an outcome de- frey Epstein, which has been value of the cided not by aclear prepon- debunked by both the Wash- media time deranceofpublic sentiment ingtonPost and the Justice To the Givers Donald but by the technical accuracy Department’sOfficeofProfes- BUSINESS Trump is of our vote validating and sional Responsibility. WORLD command- counting.But everyelection Our media has a hard time Philanthropy: ing for his “I must end. Our canvassing and reporting comfortably on By Holman W. wuzrobbed” recountswill find some errors thingsthat areserious and From Aristotle to Zuckerberg Jenkins, Jr. election- and uncounted or overcounted not serious at the same time. By Paul Vallely cheating votes. We maysecretly con- CK They stillcan’t gettheir show. In 2016,professional sider ourselves luckythat it’s TO minds around the fact that (Bloomsbury Continuum, 872 pages, $40) Republicans knewtheir fate impossible to go back and re- manyTrump supporterslaugh

wasbeing allied to aper- validatemillions of mail-in bal- HUTTERS off much of what he says. ymanymeasures,the past three decades have amounted

former who carednothing for lots. It would take months and O/S Andyet, forall the hyste- to agolden ageofphilanthropy,rivaling the early 20th ALZ B the institutional interestsor the election would remain up ria, this month’s election tes- century, when John D. Rockefeller and other industri- SC

philosophical penchantsofthe in the air.Evenso, when econ- LO tifies to the steadiness of our alistsbegan to dedicatetheir wealth to helping the public.

Republican Party.They arebe- omistsand statisticians and JIM institutions.Our democracy Endowmentsand charitable foundations have mushroomed, ing reminded so again. For other analystshavehad their did what ademocracyshould, along with newways of giving—e.g., through businesses their part, the media givehys- say, here’sbetting therewill be sier: Float enough unsubstan- steering us away from the and investment funds.Morethan 200 of the world’srichest terical treatment to lawsuits heartburn to go around, in- tiated claims to create an un- rocks. Mr. Trump was ousted people have signed apledge, developed by Bill and Melinda cludinginthe newBiden ad- certainty about whether there forall the flawsevenmanyof Gates and Warren Buffett, to givemost of their wealth to ministration. might not be atrueone some- his supporters disapprove of, charity.Evenmoreimpressiveisthe vast amount of money Every election must Meanwhile,the media fibs where in the pile. and yetthe election was donated to charities by the non-wealthy, accounting forthe slightly when it accusesMr. For four years, Mr. Trump hardly arepudiation of his bulk of philanthropy each year in the U.S. and elsewhere. end but a queasy Trump of trying to “overturn hasably served as both par- policies or coalition. JoeBiden In “Philanthropy: From Aristotle to Zuckerberg,” a feeling lingers in our theelection.” Thereisnooffi- ody of andchallengetothe wasrewarded fornot being chronicle every bit as encyclopedic as the title suggests, cial result to overturn at least corruption and hypocrisy of Trump; Democrats were pun- Paul Vallely tries to take stock of this golden age. ABritish mail-in experiment. until the states certify. His ef- ourleadership class, which ishedfor going off the ideo- writer and humanitarian activist whose previous work fort maybehopelessand continues to resonate. Will logicaldeep end. Themost includes abiographyofPope campy but it fulfills ascript his conspiracytheories bob in the unappetizing outcomes seem Francis,Mr. Vallely examines and complaintsloftedsolely supportersexpect. Perthe election’s wake? They always to have been avoided (pending the religious rootsofphilan- to extort hysterical media cov- same script, the pressnow ac- do. You might actually prefer the Georgia Senateraces): a thropy and, forhis analysis of erage. When, in his 50 years cuses him of seeking to invali- aQAnon-style conspiracy newly DemocraticCongress the current scene,draws on or public life, has Mr. Trump datespecifically black votes. In theory, which millions enjoy impeaching are-elected Mr. examples from Britain as well ever won oneofthe zillion or reality,he’sfocusing on a without believing,toanTrumporforcing President as the United States. He includes so lawsuitshe’sfiled? But this handful of urban districtsfor Obama birth certificate-style Bidenintolegislativeacts interviews with donors, charity is the bargain Mr.Trump and the same reason Al Goredid in theory, which is dangerously grosslyunpopular with the leadersand celebrities (such as the media struck. 2000—because monolithic pre- susceptible to resolution. American people. Bob Geldof, the musician behind It wasDemocrats, with cinctsinswing states arethe But always and everywhere U.S. democracyisafaith the “LiveAid” campaign to their effortstodelegitimize easiest way to add or subtract an appetite exists for stories machine that continues to re- addressAfrican famine), allowing his 2016 election, who welded the requisitenumber of votes about the extravagant iniquity ward your faith. Allowyour- them to discusstheir effortsand him to the GOP base,espe- to changearesult. of our opponents. Mrs. Clinton self to relax abit and enjoy the challenges they have faced. cially social conservatives Mr.Gore, of course,only and Adam Schiff continue to the latest chapter of the In the end, though, Mr. with no natural affinity.Try had to remedy agap of 537 invoke the Russia narrativeat Trump show, which will con- Vallely is lessthan impressed by finding a Democrat now who andfaced realistic odds.Mr. every opportunity, to slur in- tinue to enrich us with ironies our golden age. He argues that admitsthe Russia collusion Trump is playing out alosing convenient Democratsorcre- and absurdities and insights today’sphilanthropy aims moreatadvancing the“pet projects” scam even took placeorre- hand to extend his dominance ateasmokescreen around to light our way in coming de- of givers than addressing the needs of the rest of society. members that Hillary Clinton of the media and giveviewers Hunter Biden.Ortakethe Mi- cades as we decode the wild Hewishes instead forwhat he calls “Reciprocal Philanthropy,” just weeks agoadvisedJoe Bi- a season finale. His team has ami Herald—still dining out and wonderfulexperiment or “philanthropy with ahuman face,” in which donorsdo den not to concede if he lost. learnedfromthe Steele dos- on aconspiracytheoryitin- known as America. moretolisten to,and respect, those they seek to help, thereby building social bonds between giversand receivers. Criticizing the do-goodism of the wealthyisanold sport, and Mr.Vallely relies heavily on the work of otherswho have Republicans Are Souring on Trump’s Antics done so,including fellowjournalistsAnand Giridharadas and Jane Mayer. But he is lessthan charitable toward philan- When the his- which aplaintiff has sought therest of the nation, confirm state.” He’sright, and the odds thropy’s accomplishmentsand, not least, itsimportancein tory of the such adrastic remedy in the that JoeBiden wonthe 2020 arethat everyone in the White underwriting activities that mayhavelimited public appeal. 2020 election contest of an election, in terms election andwill become the House knows it. Those pet projects, afterall—say, the Gates Foundation’s is written, of the sheer volume of votes 46th President of the United Mr.Trump’spostelection effortstoimproveteacher performance—have value even if historians asked to be invalidated. States.” Monday’scertification maneuvering mayhavebegun othersbelievethe money could be betterspent elsewhere. maycitethis “One might expect that of Michigan’stally makes this as alegal strategy, but it is Mr.Vallely’s ideal is the giving practiced by early Chris- POLITICS weekend as when seeking such astartling result all but certain. ending as adangerous farce. tians.Unlikethe Greeks and Romans,whose preferred phil- & IDEAS the moment outcome,aplaintiff would Former NewJersey Gov. Theonly consequence—per- anthropic projectsinvolved civic improvements, Christianity when the wall come formidably armed with Chris Christie called the con- haps the intention—is to make (along with Judaism and Islam in different ways) added a By William of Republican compelling legal arguments duct of thepresident’slegal the election appear illegiti- moral dimension: Helping the needy and treating them as A. Galston resistanceto andfactual proof of rampant team a“national embarrass- matetothe morethan 70 mil- kindred spiritswould allowthe wealthytofulfill their faith’s the resultsbe- corruption, such that this ment” andadvisedthe presi- lion Americans who votedfor dictates forvirtuous living.Parables,such as the Good gantocrumble.And Matthew Court would have no option dent to abandon his legal Mr.Trump. Samaritan, and commentaries,such as the “ladder of giving” Brann maybeidentified as the but to regrettably grant the struggle.“Elections have con- On Monday, the administra- developed by the medieval Jewish scholar Maimonides, man who delivered the deci- proposed injunctiverelief de- sequences,” Mr.Christie said, torofthe General Services Ad- emphasized the responsibility to help strangersand stressed sive blow. spitethe impact it would ministration formally allowed the value of anonymous donations.While morethan afew of Mr.Brann is afederal dis- have on such alarge group of JoeBiden to proceed with the the well-to-do strayed from this purpose,the idea that giving trict judgefor the Middle Dis- citizens. Mitch McConnell transition. Mr.Trump should wastobind the fortunateand unfortunateinaspiritual trict of Pennsylvania. Mr. “That has not happened. In- nowstand down and acknowl- community persisted well past the Protestant Reformation. Brann, who used to be aGOP stead, this Court has been pre- should join colleagues edgethat Mr.Biden will take official in Pennsylvania, is a sented with strained legal ar- urging the president theoath of office on Jan. 20. Criticizing thewealthy fordo-goodism is an member of the Federalist Soci- gumentswithout merit and to accept his loss. But the president has ety and the National Rifle As- speculative accusations,un- vowedtocontinue fighting.If old sport. Ye twho but they arewilling to put sociation.Given his political pled in the operativecom- he persistsinclaiming the re- affiliations,some might have plaint and unsupported by evi- sultsare illegitimate, Senate moneybehind activitiesthat lack public support? expected him to look favorably dence. In the United Statesof “and we cannot continue to Majority Leader Mitch on the Trump campaign’sef- America, this cannot justify act as if something happened McConnell by himself has the fort to challengethe presiden- the disenfranchisement of a herethat didn’t happen.” The powertoset the countryona Mr. Vallely points to a number of events that shifted tial resultsinPennsylvania. In- single voter, let alone all the evidenceofwidespread fraud bettercourse.Mr. McConnell philanthropy away from this spiritual ideal and toward a stead, JudgeBrann rejected voters of itssixth most popu- andaconspiracyagainst the could publicly agree with Mr. focus on remedying social and economic ills, an approach the campaign’sclaims in a 37- lated state. Our people,laws, president “doesn’t exist,” he Toomey that Mr.Trump has that eventually involved thestate.InBritain, the Black Death pagedecision that canonly be and institutions demand declared. exhausted all plausible legal in the 14th century gave rise to a dislocated and sometimes described as scathing.Here, more.” Rep.FredUpton of Michigan options and with Mr.Portman threatening laboring class; the early stages of industriali- forthe record,issome of what Pennsylvania’sGOP Sen. Pat said that in his state, “the vot- that no irregularities could zation resulted in crowded cities and the hazards of busi- he said: Toomey responded that with ersspoke” and “it’snot arazor- changethe result in one state, ness cycles; and the confiscation of church lands turned “Inthis action, the Trump the “decision by JudgeMat- thin margin, it’s154,000 votes.” let alone multiple.Right now government into of the poor. “A desire for Campaign and the Individual thew Brann, alongtime con- Rep.Liz Cheney of Wyoming,a the Majority Leader’s epitaph social control,” writes Mr. Vallely, “brought politics as well Plaintiffs ...seek to discard servative Republicanwhom I member of the House Republi- reads,“Iled the fight fora as philanthropy into the business of charity.” Even begging, millions of voteslegally cast know to be afair and impar- canleadership,asked Mr. conservativejudiciarythat once seen as nearly a saintly calling, came to require by Pennsylvanians from all tial jurist, to dismissthe Trump to respect “the sanctity will shapethe countryfor licensing. corners—from Greene County Trump campaign’s lawsuit, of our electoral process.” In an generations to come.” If he Without areligious component, of course,philanthropy to Pike County,and every- President Trump has ex- op-ed published on Monday, tacitly condones Mr.Trump’s could still be given amoral cast. It could be seen as away of whereinbetween. In other haustedall plausible legal op- GOP Sen. Rob Portman of Ohio intransigence, he’ll be risking creating abettersociety,asthe British manufacturer Robert words, Plaintiffs ask this Court tions to challengethe result of said that thereis“no evidence arewrite: “I enabled aselfish Owen and the American steel magnateAndrew Carnegie to disenfranchise almost seven the presidential race in Penn- as of nowofany widespread and recklesspresident to un- argued. To the British chocolatiersGeorge Cadburyand million voters.This Court has sylvania. These developments, fraudorirregularities that dermine public confidencein Joseph Rowntree,aphilanthropic spirit laybehind their been unable to find anycase in together with the outcomes in would changethe resultsinany democracy.” projectstobuild model villages fortheir employees.Inboth Britain and the U.S.,devoteesofCharity Organization Societies and the settlement-house movement defended their giving as an effort to reclaim lives lost to drink,lazinessor It’s Thanksgiving, as Luck Would Have It other vices.Toutilitarians,fromJeremyBentham to Peter Singer, philanthropy affords amore“effective” way of By Bob Brody chalk our successes or failures called howheactually looked lessstranger coughing four expressing the old virtue of altruism, because it canrest on up to hardwork,talent, ambi- embarrassed admitting to luck feet away could be spraying fa- seemingly scientific calculations of benefitsand costs. he person we marry, the tion, foresight, carefulplanning as his lodestar.Irealized he taldroplets. Have we ever Mr.Vallely does athorough job of tracing these secular T jobweland, the friends or cause and effect. Success meant it. needed luck more? claims to the outlook of today’s“philanthrocapitalists,” such we find, howlong we appearsmeant to be.All the Luck is no fallacyorsuper- We’reall playing the odds. as Bill Gates and Mark Zuckerberg. He also repeatssome live—whatever happens in our dots connect. Only because A stition, much lessblind or This year,let’sexpressour well-known criticisms of them: They seek to cleanse fortunes lives,whether good or bad, happened could Bhappen. dumb.But one recent study deepest gratitude forcatching obtained in dubious ways; they arepaternalistic;they are hinges on somethingwell- Maybe luck is an algorithm. showedthat lucking out may afew luckybreaks. coercive; they have put their money intodubious schemes. known but little understood, depend on howwebehave. Theother day, Iencoun- While he finds much wrong with conservativedonors, he namely the forceofnature Luck also happens to certain teredyet another bracing re- doesn’t sparethe liberal ones.ToMr. Vallely,the Koch called luck.Nothing has brought Serendipity seems to people with particular traits. minder that serendipity can brothers, in their supposed use of philanthropy forpolitical this reality home to me more According to British psycholo- makeall the difference. Ilifted goals,havemoreincommon with George Soros than mere than the coronavirus pandemic, dictate our fate, but gist RichardWiseman,lucky my foot at acurb to crossa ideological differences might suggest. aroll of the dicefor us all. a good attitude may people aremoreoutgoing and street at ared light whereI Mr. Vallely acknowledges that today’s philanthropists HowImet my wifeisanex- sociable than unluckyones. had right of way.Suddenly a have had notable successes,such as the Gates Foundation’s ample.Ihappened to rent a improve your chances. They’remoreoptimistic and teenager on an electric scooter campaign against polio.But ultimately he wishes that certain apartment in Manhat- better able to see the positive shot past within afoot of me philanthropistswould embraceanapproach that echoes the tanand happened to befriend a in the negative. They’remore going at least 25 miles an hour. older,religious one.“They must listen more carefully,” he neighbor named Carmine, Then again, maybe the factors open to having newexperi- Had Istepped off the sidewalk, writes,and “bemoreopen and accountable in their donations.” whose girlfriend, Diane,hap- at playare fate, coincidence, ences,talking to newpeople, he would have leveled me, In other words, they should behave morelikeaconsci- penedtohaveafriend named destiny, karma, faith or some andtraveling to newplaces. causing who knows what inju- entious public official. Worried about their legitimacyinan Elvira. Carmine invited me out random flux of the cosmos. They smiletwiceasoften and ries or worse. Instead, Ihesi- increasingly populist world, manygrant makersmight agree. one night foradouble date I’m hardly alone in my be- make more eyecontact, thus tatedand the incident wound Butone canreasonably wonder if philanthropistswho try and, despiteinitial doubts, I lief in luck.Decades ago, I creating moreopportunities. up as merely aclose call. to listen and be accountable to society—or trytobuild took him up on it. Less than caught aTVinterviewwith ac- Unknown is whether these Luckyme. At least fornow. solidarity with the needy—would ever be willing to put their three yearslater—and more tor Paul Newman. He was characteristics promoteluck or money behind activities that lack popular support, as they than 41 yearsago—Elviraand asked howhebecame amovie viceversa. Mr. Brody, aconsultant and nowdo. Mr.Vallely would have donorsthink morelike Imarried. star.“Luck,” he answered. This Thanksgiving,amid a essayist in New York City, is au- politicians.But if they did, who would need philanthropy? Surely we canattributesuch Originally Ithought him glib,a world-wide pandemic,wecan thor of the memoir “Playing fortuitous outcomes to vari- performer impersonating hu- seeasnever before howluck Catch with Strangers: AFamily Mr. Lenkowsky is professor emeritus of public affairs and ablesbesides luck.Wemay mility.But yearslater,Ire- looms everywhere. That mask- Guy (Reluctantly) Comes of Age.” philanthropic studies at Indiana University. P2JW330000-0-A01600-1------XA

A16 | We dnesday, November 25, 2020 THE WALL STREET JOURNAL. OPINION

REVIEW & OUTLOOK LETTERS TO THE EDITOR The Desolate Wilderness Azerbaijan Respects All Cultural Monuments

ere beginneth the chronicle of those to depart, their Reverend Pastor,falling down Regarding ChristinaMaranci’s“Cul- cially,religious buildingsand monu- memorable circumstances of the year on his knees,and they all with him, with watery tural Heritageinthe CrosshairsOnce ments. To the contrary, Azerbaijan has H 1620, as recorded by Nathaniel Morton, cheeks commended them with the most fervent More” (Arts&Review,Nov.19): As a contributed to the protection of Chris- multicultural and multireligious coun- tian landmarks not only within the keeper of the records of Plymouth Colony,based prayersuntothe Lord and His blessing; and try, Azerbaijan has always been home countrybut also world-wide. on the account of William Bradford, sometime then with mutual embraces and manytearsthey to representatives of all nations and As waswitnessed by the world, fol- governor thereof: took their leavesone of another,which proved religions,who have coexisted and lowing the signing of the peaceagree- So they leftthat goodly and pleasant city of to be the last leave to manyofthem. worked together peacefully forcentu- ment, Armenians destroyed monu- Leyden, which had been their resting-placefor Being nowpassed the vast ocean, and asea ries.Azerbaijan’sChristian community ments, houses,forestsand critical aboveeleven years, but they knewthat they of troubles beforethem in expectations,they is avital and activepart of our society infrastructurelikehospitals and were pilgrims and had nownofriends to whose monumentsand places of wor- schools.This destruction advances no strangersherebelow, welcome them, no inns ship in our countryare protected and cause and only serves to destroy his- and looked not much on to entertain or refresh regularly restored by the Azerbaijani tory,inflict long-term damageand these things, but lifted them, no houses,or state. It is no coincidencethat Pope makerecoveryslower. up their eyes to Heaven, much lesstowns,tore- Francis praised religious tolerancein As Franklin D. Roosevelt said, “I Azerbaijan as amodel forthe world in have seen war...Ihatewar.” Azer- their dearest country, pair untotoseek for 2016 during his visit to Baku. baijan is committedtoapeaceful tran- whereGod hath pre- succour; and forthe sea- Sincethe outset of the conflict, Ar- sition and rebuilding that protectsour paredfor them acity son it waswinter,and menia repeatedly attempted to blame citizens and religious landmarks.Itis (Heb.XI, 16), and therein they that know the win- damagetochurches and other histori- our sincerehope that Armenia will re- quieted their spirits. ters of the countryknow cally sensitivelandmarks on Azerbai- spect the peaceagreement and pre- When they came to them to be sharp and vi- jan. This has been offered without vent further destruction and tragic Delfs-Haventhey found olent, subject to cruel substantiveproof nor has it been con- lossoflife. theship and all things andfierce storms,dan- firmed by anyindependent interna- SEVDA MAMMADALIYEVA ready,and such of their friends as could not come gerous to travel to known places,much more tional organization. So it is clear for Azerbaijan deputy minister with them followedafter them, and sundrycame to search unknown coasts. the record:Azerbaijani forces do not for culture from Amsterdam to see them shipt, and to take Besides, what could they see but a hideous target historic,cultural and, espe- Baku, Azerbaijan their leavesofthem. One night wasspent with and desolatewilderness, full of wilde beastsand little sleep with the most, but with friendly enter- wilde men? and what multitudes of them there tainment and Christian discourse,and other real were,they then knewnot: forwhich way soever We Didn’t Intimidate Guantánamo Lawyers expressions of true Christian love. they turned their eyes (save upwardtoHeaven) In “In Defense of Unpopular Cli- chose to step down at the time of my Thenextday they went on board, and their they could have but little solace or content in ents—and Liberty” (op-ed, Nov. 19), choice, having accomplished the tasks friends with them, wheretruly dolefulwas the respect of anyoutward object; forsummer be- Michel Paradis and Wells Dixon laud- I had set out to do when I was ap- sightofthat sad and mournful parting,tohear ing ended, all things stand in appearance with ably criticize the despicable campaign pointed to that position. Second, what sighs and sobs and prayersdid sound a weatherbeaten face, and the whole country, by the Lincoln Project and others to there were not “talking points” and amongst them; what tearsdid gush from every full of woods and thickets, represented a wild shame law firms representing Presi- no “campaign” by the Bush adminis- eye, and pithyspeeches piercedeach other’s and savage hew. dent Trump and force them to with- tration against Guantánamo detain- draw from representing the president. ees’ lawyers. Rather, there was one heart, that sundryofthe Dutch strangersthat If they looked behind them, therewas a Regrettably, their efforts bore fruit. ineptly phrased 2006 radio interview stood on the Keyasspectatorscould not refrain mighty ocean which they had passed, and was Yet our legal system requires attor- by me, for which I immediately apolo- from tears. But the tide (which stays forno now as a main bar or gulph to separate them neys to represent all clients, espe- gized. That’s why I signed onto a 2010 man) calling them away,that were thus loath from all the civil parts of the world. cially unpopular ones. open letter, spearheaded by Brookings Unfortunately, the authors errone- Institution scholar Ben Wittes, which ously claimed that there was a “cam- criticized Liz Cheney’s group, Keep And the Fair Land paign by the George W. Bush adminis- America Safe, for attacking Obama tration to pressure corporations to Justice Department attorneys, who ny one whose laborstakehim intothe despair when they see that the cities and coun- drop law firms” that represented previously represented Guantánamo far reaches of the country, as ourslately tryside areinneed of repair,yet find themselves Guantánamo detainees, and that I was detainees. I also gave interviews say- A have done,isbound to mark howthe threatened by scarcities of the resourcesthat “forced to resign as deputy assistant ing that such tactics were “below the defense secretary for detainee affairs” belt.” To be clear, I share the views yearshavemade the land grow fruitful. sustain their way of life. Or when, in the faceof for pressing “talking points against expressed by the authors of “In De- This is indeed a big country, a rich country, these challenges,they turn forleadership to detainee lawyers.” fense of Unpopular Clients,” and have in a way no array of figures can measure and men in high places—only to find those men as First, far from being forced to re- made that clear for over a decade. so in a way past belief of those who have not frail as anyothers. sign, I was asked to stay on by the CHARLES“CULLY” STIMSON seen it.Eventhose who journey through its So sometimes the traveler is asked whence deputy secretary of defense, but Washington Northeastern complex, intothe Southern lands, will come their succor. What is to preservetheir acrossthe central plains and to itsWestern abundance, or even their civility? Howcan they slopes canonly glimpse ameasureofthe passontotheir children anation as strong and bounty of America. free as the one they inherited from their forefa- Cuomo: Enforce Only the Laws I Agree With And atraveler cannot but be struck on his thers? Howistheir countrytoendurethese journey by the thought that this country, one cruel storms that beset it from without and Regarding New York Gov. Andrew grants illegal immigrants the right to Cuomo’s Nov. 18 press conference a New York driver’s license, and New day, canbeevengreater.America, though many from within? (Notable & Quotable, Nov. 20): You York City proudly declares itself a knowitnot, is one of the great underdeveloped Of course the stranger cannot quiet their highlight Gov. Cuomo’s back and forth sanctuary city. Federal agencies are countries of the world; what it reaches forex- spirits. For it is true that everywhere men turn with reporters over his plan to limit also prohibited from accessing the ceeds by far what it has grasped. theireyestodaymuch of the world has atruly personal gatherings to no more than New York State Department of Motor So the visitor returns thankful for much of wild andsavagehue.Noman, if he be truthful, 10 people during Thanksgiving. The Vehicles automated files. Imagine a what he has seen, and, in spite of everything, can say that the specter of war is banished. Nor governor goes to great lengths high- border agent missing a potential ter- an optimist about what his country might be. canhesay that when men or communities are lighting the responsibility of (all) au- rorist threat because he or she Yetthe visitor,ifheistomakeanhonest report, put upon their ownresourcesthey aresureof thorities to support and uphold the couldn’t see a DMV record on a New must also notethe air of unease that hangsev- solace; nor be sure that men of diverse kinds and law without consideration of personal York vehicle entering the U.S. from erywhere. diverse views canlivepeaceably together in a bias or prejudice. Perhaps Gov. Canada simply because it had New Cuomo doesn’t think federal law is York plates. Once again, Gov. Cuomo Forthe traveler,astravelershavebeen al- time of troubles. really law. Otherwise, why would he has shown himself to be a bully to ways, is as much questioned as questioning. And But we canall remind ourselves that the rich- and the rest of Democratic-controlled those who ask legitimate questions for all the abundance he sees, he finds the ques- nessofthis countrywas not born in the resources New York have adopted positions that he doesn’t like, and a hypocrite of the tions put to him ask wheremen mayrepair for of the earth, though they be plentiful, but in the fly in the face of the federal immigra- grandest proportions. succorfromthe troubles that beset them. men that took itsmeasure. Forthat reminder is tion laws and regulations? New York’s SETH TAYLOR His countrymen cannot forget the savage everywhere—in the cities,towns,farms,roads, “Green Light” law, passed last year, Chatham, Mass. face of war. Too often they have been asked to factories,homes,hospitals,schools that spread fight in strangeand distant places,for no clear everywhereoverthat wilderness. purpose they could see and fornoaccomplish- We canremind ourselves that forall our so- H.R. 1 Will Make America More Democratic ment they can measure. Their spirits are not cial discordweyet remain the longest enduring quieted by the thought that the good and pleas- societyoffreemen governing themselves with- Kimberley Strassel’s“Harvesting temallows.H.R.1will changethe the 2020 Election” (Potomac Watch, game by reforming the flawsinour ant bounty that surrounds them canbede- out benefit of kingsordictators. Being so,we Nov.13) criticizing the democracyre- system to ensurethat our govern- stroyed in an instant by asingle bomb.Yet they arethe marvel and the mysteryofthe world, for form bill, the Forthe People Act ment responds to,reflectsand repre- find no escape, for their survival and comfort that enduring liberty is no lessablessing than (H.R.1), demonstrates the partisan sentsus. nowdepend on unpredictable strangersinfar- the abundanceofthe earth. natureofattacking anyeffort to im- Ms.Strassel also claims the legis- off corners of the globe. And we might remind ourselves also,that if proveour election systems.These lation would establish “newrules de- Howcan they turn from melancholy when at those men setting out from Delftshavenhad critiques overlook howH.R.1would signed to waterdownballot integ- home they see young arrayed against old, black been daunted by the troubles they sawaround be beneficial forall Americans,and rity.” H.R.1does just the opposite. It against white, neighbor against neighbor,so them, then we could not this autumn be thank- is integral to strengthening the foun- would ensurethe protection of ballot that they stand in peril of social discord. Or not ful for a fair land. dational values of our democracy. integrity by prohibiting voterroll Themain objectiveofthis bill is purgeslikethose seen in Ohio and These editorials have appeared annually since 1961. to makeour politics lesspartisan, Georgia and expanding opportunities and morerepresentativeofevery formail-in voting—an effectiveand American. Atruedemocracy, forex- safeway to vote.We’vealready seen ample,doesn’t let elected officials of Washington’sRepublican Secretaryof The Dow Hits 30,000 anyparty pick their voters through State Kim Wyman become avocal gerrymandering likeour current sys- proponent of mail-in voting,and he American economy is a wonderful fornia’sGavin Newsom in punishing his state’s Utah, aheavily redstate,has been an engine of prosperity left to its own de- citizens with lockdowns.That’sone reason all mail-in voting statesince2012. T vices, and on Tuesdayitprovedthis California’sjoblessratewas fifthhighest Little ‘French Laundries’ It is time to put aside partisan again with another surge in among the 50 states in Octo- Spring Up in California politics,and facethe reality that our equity prices that pushed the Another sign of ber at 9.3%. NewYork was democracyisindireneed of repair. DowJones Industrial Average thirdhighest at 9.6%. Regarding your editorial “Newsom’s Both parties should prioritizethe economic resilience Covid Laundry” (Nov.16): Thanks to will of the American people who are above30,000 forthe first Meantime,overall U.S. amid the pandemic. California Gov.Gavin Newsom’scele- eager to build astronger and health- time.Stock prices rise and growth continues to surprise bration at the French Laundry, the ier democracyfor all. fall,but this symbolic mile- forthe better. Thehousing name has become synonymous with JANA MORGAN stone of optimism for the fu- market is booming,and con- hypocrisy and the “let them eat cake” Director, Declaration for tureshows the economy’sresiliencedespitethe sumer and small-businessconfidenceare strong. attitude of the left. It has also given American Democracy Covid-19 plague. Theunemployment rate is down to 6.9%, and rise to “French Laundry” signs on the Washington We’velost track of the manydoom and continuing joblessclaims fell another 429,000 doorsofCalifornia homes where gloom predictions,especially sincepoliticians in last week’sreport. Americans have enormous Thanksgiving dinnerswill be served— shut down the economy in March. Remember savingsthey candeploy, which explains whycon- sauce, goose,gander. Pepper ... the disaster that was supposed to follow the sumerskeep spending despitethe pandemic. CAROL F. NOWICKI And Salt end of enhanced federal joblessbenefitsonJuly Autosales have been strong,nodoubt in part be- Castro Valley, Calif. 31? Didn’t happen. Third quarter growth was cause people areflying less and aren’t taking the THE WALL STREET JOURNAL 33.1%. usual vacations. CORRECTION Then recall the catastrophe if Congress Investorsare looking at the medical miracles didn’t pass another $3 trillion spending bill? of Covid vaccines that portend the end of the Mexican President Andrés López Chuck Schumer and NancyPelosi issued almost pandemic in 2021. The fading chance of post- Obrador met with some two dozen daily pressreleases,echoed by the sages at election political trauma helps, but the bigger regulators and officials to present a Bloomberg. Didn’t happen. Then last week we boost to the market has come from the prospect 17-point plan for saving Pemexand were told that if the Treasuryended the Federal of aRepublican Senateacting as acheck on Joe CFE on July 22. A Nov. 16 Americas Reserve’s special pandemic facilities,the mar- Biden’s destructive tax increases. He can still column, “Mexico’s Assault on Energy kets would reel. Some reeling. do damagewith regulation, but that takesmore Investors,” misstated the date. Instead the economykeeps growing,and time and is subject to legal challenge. The two Lettersintended forpublication the joblessratekeeps falling,despitethe Georgia runoffs on Jan. 5 producing a Demo- should be emailed to [email protected]. surge in newCovid infections.The AtlantaFed cratic Senate are, apart from shutdowns, the Please include your city, stateand is estimating growth in the fourth quarter, biggest market risk ahead. telephone number.All letters aresub- which is halfway over,at5.6%. That could cer- By the way,onElection Dayin2016 the Dow ject to editing,and unpublished letters cannot be acknowledged. tainly changeifmoregovernorsfollowCali- closed at 18,332. “We don’t do brunch, pardner.” P2JW330000-0-A01700-1------XA

THE WALL STREET JOURNAL. We dnesday, November 25, 2020 | A17 OPINION Too Much Caution Is Killing Covid Patients

By Joseph A. Ladapo straying from the pack has pre- provide patientswith access to vailed, favoring inertia and inaction promising outpatient treatments ear and panic arecentral amid uncertainty about Covid-19 whilecollecting dataabout health impedimentstocompetent treatments. outcomes.With almost 200,000 new decision-making during a Fordiseases with established Covid-19 cases daily in the U. S.,un- F crisis.AsCovid-19 cases treatment options,holding out for certainty about effectiveness could andhospitalizations rise certainty maybeprudent. But when be resolved within afew weeks.Until around the country, creating an at- options arelimited and thereare then, it is up to patients to demand mosphere of crisis, political leaders safetreatments with evidencefor ef- outpatient treatment. Political lead- arereaching forlast spring’slock- fectiveness, holding out forcertainty ershavelargely been silent,and down playbooks.Their gravetone canbecatastrophic. Requiring ahigh most physicians have been telling conveys an air of inevitability, as if degree of certainty during acrisis Covid-19 patientstoquarantine and politicianshavenochoicebut again mayelevatethe augustnessofmedi- hope forthe best rather than pre- to restrict civil liberties,limit social calorganizations and appease the scribing early treatment. gatherings, and cripple businesses sensibilities of medical professionals, As California Gov.Gavin Newsom that survived the initial lockdowns. but it does nothing forpatients who recently demonstrated with his fes- But there’sabetterway:following need help. tive dinner party at aNapa Valley

the evidence for early treatment of Thepenchant forcertainty is visi- E restaurant, asking human beingsnot

Covid-19. ble in the frequently updated treat- OW to socializeisneither realistic nor ment guidelines forCovid-19 from CR healthy. Attempting to shame them

theNational Institutes of Health. CHAD intocooperating runs counter to fun- Doctors should follow the These guidelines were developed by damental tenetsofpublic health. scientistsaround the country, but showedthat early use of hydroxy- ized study published by BioImpacts. And while masks maybeeffectivein evidence for promising because of amentality that is biased chloroquine reduced infection, hospi- Theevidencefor early use of iver- crowded or poorly ventilated indoor therapies. Instead they toward virtually irrefutable evidence, talization and death by 24%. All of mectin and hydroxychloroquine is settings, the recent randomized trial no distinction is made fortreatments these findingswerestatistically sig- also supported by studies that of mask use in Denmark—along with demand certainty. with evidence for effectiveness that nificant. These medications have weren’t randomized, such as awell- Covid-19 case trends in California, falls belowthe mark of certainty. been used fordecades and have designed study published in Travel NewYork and other states that have This framework almost certainly has safety profiles comparable to other Medicine and Infectious Disease, had mask mandates in placefor Thehealth system would be less contributed to manyavoidable commonly prescribed medications. along with a study of patients with months—should disabuse anyone of burdened if morepatients were deaths during this pandemic. This includes hydroxychloroquine,a moreadvanceddisease published in the illusion that mask mandates will treated beforethey requirehospital- Take the antidepressant fluvox- medication routinely prescribed to Chest,the journal of the American quell the crisis. ization, and thereare promising amine.Ahigh-quality,randomized pregnant women and breast-feeding College of Chest Physicians. Treatinghigh-risk patientswith therapeutic options that patients clinical trialof152 patients pub- mothers. While some health officials dis- Covid-19 at home using safemedica- canadminister themselves at home. lished in the Journal of the American Uncertainty mayremain, but all missnonrandomized studies,the Co- tions is the most promising public- This wasthe subject of aNov.19 Medical Association found that zero three medications have demon- chrane organization, an international health strategyfor preventing hospi- hearing beforethe SenateHomeland patientstreated with fluvoxamine strated at least areasonable likeli- leader in evidence-based medicine, talovercrowding and death. These Security and Governmental Affairs within seven days of the onset of hood of success when used in early publishedareview of several hun- treatmentsare widely available and Committee. symptoms experienced clinical dete- Covid-19 illnessorfor prevention. dred studies showing that random- canbecombined with other mea- Testimonyfromthe hearing un- rioration compared with 8% of pa- Other promising agents include the ized clinical trials and nonrandom- sures. What Americans need in this derscored an important issue: Too tients receiving a placebo. plant-based compound quercetin— ized studies of treatmentsgenerally crisis is clear-eyed policyinspired by manydoctorshaveinterpreted the Another randomized trial of 200 whichisbeing studied in aclinical yield similar findings. Modern epide- imagination and agenuine desireto term “evidence-based medicine” to health-careworkersand other adults trial and wasused by Sen. Ron John- miologic and statistical methods can protect the vulnerable—rather than mean that the evidencefor atreat- at high risk of exposurefound that son, chairman of the Homeland Secu- usually overcome biases inherent in fueled by fear or partisan political ment must be certain and definitive 2% of those treated with the antipar- rity Committee, afterhis Covid-19 di- nonrandomized study designs. agendas. beforeitcan be given to patients. asitic ivermectin developed Covid-19 agnosis in October—and the Themost auspicious path forward Because accusing a physician of not compared with 10% of patients in a congestion medication bromhexine, is forlocal and stategovernments, Dr. Ladapo is an associate profes- being“evidencebased” canbeaca- control group. Ameta-analysis of whichreduced death ratesamong research institutions,community soratUCLA’s David Geffen School of reer-damaging allegation, fear of five randomized clinical trials hospitalized patients in arandom- clinics and Covid-19 testing sites to Medicine. The Political Class’s Hypocrisy Long Predates Covid-19

While waiting to- security guards.They have de- Automobile Association,therecould indoor customers. When Washing- sulting.Messrs. Newsom and ward the back of a nounced the influenceofmoney in be as manyas50million Thanks- tonMayor Muriel Bowser and Cuomo and Mrs. Pelosi maytake long and slow-mov- politics while courting wealthydo- giving travelersthis year,only 10% membersofher staff traveled to the virus seriously,but they’ve ing security line at norsatclosed-door fundraisers. lessthan in 2019. Delaware to celebrateJoe Biden’s weighed the odds of becoming in- ReaganNational But the coronavirus protocol This is aform of masscivil dis- presidential victory, they violated fected and acted accordingly.They Airport some years breaches we’vewitnessed this year obediencelikenothing the country Covid quarantine requirements. And figure they probably won’t getit, UPWARD ago, Inoticed a could wind up being far moreconse- has seen sincethe 1960s.Some of Sen. Dianne Feinstein of California, andevenifthey do,they’ll be fine MOBILITY congressman and quential if they lead to lesssupport it is born of Covidfatigue, to be who tweeted in July that “wearing afterafew days.They knowthat his young aide fornanny-statepolicies.Conserva- sure. But the endlessparade of pol- masks in public should be manda- most people don’t become seriously By Jason L. standing afew pas- tives,who aremoreconstitutionally iticians flouting their ownrules tory,” has been spottedseveral ill and that the already high sur- Riley sengersahead of averse to busybody politicians mak- times in public not wearing amask vival rate has been climbing as me.Iwas im- ing decisions for people, were al- whileshe wasindoorsand chatting we’velearned moreabout treating pressed that this relatively well- ways warier of lockdowns and the Cuomo’s Thanksgiving facetofacewith others. the virus. known lawmaker waswaiting pa- rationale behind them. What has California Gov.Gavin Newsom Thedecision of so manymillions tientlywith everyone else instead changed sincethe spring is growing troubles remind me of an wascaught dining indoorswith of Americans to buck public-health of pulling rank.Then, of course,he skepticism of public-health edicts encounter years ago at lobbyistsatarestaurant in viola- warnings, trust their common sense, pulled rank. amongliberals. tion of his ownpandemic rules for and spend Thanksgiving with loved Thecongressman whispered to People in reliably blue states Reagan National Airport. the state. And in NewYork,which ones is awelcome indication that his companion, and the two men (California, NewYork,Oregon) as has recorded morecoronavirus people maybetiring of all this con- proceeded to the front of the well as in the states that made deaths than anyother state, pub- descension. Howthe political class queue,wherethey flashed their Donald Trump aone-term president surely has also playedarole.Itbe- lic outragefinally forced Gov.An- responds is another matter. These badges and were escorted through (Wisconsin, Michigan)—have been ganshortly afterthe spring lock- drew Cuomo to disinvitehis 89- arethe same politicians who had no security ahead of the rest of us. standing in line forthree and four downs and if anything has become year-old mother and two adult shame about gathering at Ebenezer On some level,politicians have hourstoget aCovid-19 test before morecommonplace, even farcical. daughtersfromThanksgiving din- Baptist Church in AtlantainJuly to always believed that they deserve traveling this week.These people ChicagoMayor Lori Lightfoot ner in Albany. eulogizethe lateRep.John Lewis special treatment, that the ordinary areperfectly aware that infection and House Speaker NancyPelosi vi- What’sgoing on is not simply even while millions of grieving rules don’t apply to them. They ratesare rising and that the Cen- olated lockdown orderstoget their hypocrisy but an infantilization of Americans were barred from giving have pushed forlimitsonschool ters forDisease Control and Pre- hair done,which sounds likesome- the American public.There’sa their own loved ones proper funer- choice forthe poor while sending vention strongly cautions against thing aKardashian would do.Phila- widespread assumption among lib- als.Then again, Idoubt the con- their ownchildren to private celebrating the holidaywith people delphia MayorJim Kenney sneaked eral elites that the rest of us are gressman would have minded the schools.They have advocated for outside your household. Alas,many out of statetodine at arestaurant incapable of calculating risks and special treatment anymorethan he guncontrol and defunding the po- of them don’t seem to care any- in neighboring Maryland because taking necessaryprecautions to did when he cut the line at Reagan licewhile being protected by armed more.According to the American eateries back home were closed to ride out the pandemic,and it’sin- National Airport. Lost Yo ur Job? Yo u Shouldn’t Have to Lose Yo ur Home

By Arthur B. Laffer oped asimple,effectivenew of up to $1.2 trillion for the Federal insuranceisborne by the lender or This isn’t astimulus measure. The And Alan M. Dershowitz productinpartnership with the HousingAdministration mortgage investor,who would be willing to proposal—likeany economically public sector: lender-paid insurance program alone,inwhich it owns purchase it to reducethe losses as- sound insuranceproposal—can pre- he pandemic-related economic that will seamlessly covermortgage 100% of the risk of loss for 8.1 mil- sociated with defaultsand foreclo- vent only futurelosses.Itcan’t rem- T shutdown has created acrisis paymentsinthe event of involun- lion forwardmortgageloans to low- sures.This proposal would be awin edypast or current losses caused by formanylow-and moderate- tary unemployment. This will help and moderate-income Americans. the pandemic.But it caneliminate income homeownerswho areout of people stay in their homes while If mortgage-unemployment insur- meaningful futurerisk of foreclo- work.The lossofajob cantakea mitigating foreclosureand forbear- ancehad been in placebeforethe An insurance product suresand businessbankruptcies in terrible personal toll on afamily. ance, reducing risk in the mortgage pandemic hit, tens of billions of dol- both normal and extraordinaryblack- But unemployment is also the pri- financial market and government- larsinpotential losses from foreclo- could have saved billions of swanperiods of unemployment. mary cause of foreclosure, which sponsoredenterprises with an eye sures caused by unemployment dollars in pandemic- In aworst-case scenario,aswe’ve hasacascading negativeeffect on toward potential privatization, and could have been avoided. Mortgage- experienced this year,the federal the economy. Foreclosures reduce adding security to the secondary unemployment insuranceisboth related foreclosures. government would provide aback- the value of nearby homes,diminish market. preventive and automatic. It is pre- stop forlosses that arise when the city and state tax bases, crimp con- The federal government and tax- ventiveinthat it plans in advance nationalunemployment rate rises sumer spending,hurt family stabil- payers have ahugestake in prevent- forboth normal and “black swan” forthe homeowner,neighborhoods, above10%, which happens rarely. ity, disrupt otherwise solvent busi- ing foreclosures.Ofthe roughly unemployment scenarios.Itisauto- mortgagecompanies and even the That’smuch lessthan the 100% risk nesspractices,and increase health $670billion in mortgages originated matic in that it kicks in as soon as federal government, sincefuture the government nowholds.Private costs. in the firstquarter of this year,$471 an unemployedhomeowner becomes foreclosurelosses associated with companies cancover the risk effec- To ensurethat massunemploy- billion was backed by the U.S. gov- eligible forstate unemployment the loans that they currently back tively when national unemployment ment doesn’tlead to massforeclo- ernment. Thefederal government benefits. otherwise would have to be covered is 10% or less. sures, privateindustryhas devel- currently has potential default losses Moreimportant, the cost of the by taxrevenue. Theinsuranceproduct’stechnol- ogy-driven, patent-pending process meshes seamlessly with Labor De- partment systems in all 50 states,so PUBLISHED SINCE 1889 BY DOWJONES&COMPANY Notable & Quotable: Feinstein when stateunemployment benefits Rupert Murdoch Robert Thomson areapproved, mortgage-unemploy- Executive Chairman, News Corp Chief Executive Officer, News Corp Marianne Levine and Burgess Ev- JudiciaryCommitteeChairman Lind- ment insurancecoveragewould be- Matt Murray Almar Latour Editor in Chief Chief Executive Officer and Publisher erett reporting for , Nov. 23: sey Graham (R-S.C.) forhis handling gin automatically. Neal LipschutzKaren Miller Pensiero DOWJONESMANAGEMENT: of the processand gavehim ahug at Unemployment is colorblind and Deputy Editor in Chief Managing Editor Ramin Beheshti, Chief Technology Officer; Sen. Dianne Feinstein plans to step the conclusion. nonpartisan. This coverage could Jason Anders, Chief News Editor; Louise Story, Chief Kamilah Mitchell-Thomas, Chief People Officer; down as the topDemocrat on the Shortly afterthe hearings, several eliminateabout 90% of futuremort- News Strategist, Product &Technology Officer EdwardRoussel, Chief Innovation Officer; SenateJudiciaryCommittee. ...“Af- liberal groups called on her to resign gage foreclosures caused by job loss. Thorold Barker, Europe; Elena Cherney, Coverage; Christina VanTassell, Chief Financial Officer terserving as the lead Democrat on from her position. One of those Leadersshould take this opportunity Andrew Dowell, Asia; AnthonyGalloway, Video & the JudiciaryCommitteefor four groups,Demand Justice, applauded to protect homeownersand their Audio; Brent Jones, Culture, Training &Outreach; OPERATING EXECUTIVES: AlexMartin, Print &Writing; Michael W. Miller, Jason P. Conti, General Counsel; years, Iwill not seek the chairman- her decision to step down. neighborhoodswhile reducing po- Features &Weekend; Emma Moody, Standards; Frank Filippo, Print Products &Services; ship or ranking member position in “This wasanecessarystepifDem- tential taxpayerliability from fore- Shazna Nessa, Visuals; MatthewRose, Kristin Heitmann, Chief Commercial Officer; the next Congress,” the California ocratsare ever going to meaningfully closures due to unemployment. Enterprise; Michael Siconolfi, Investigations; NancyMcNeill, Corporate Sales; Stephen Wisnefski, Professional News Democrat said....Feinstein added confront the damageDonald Trump Thereisnobetterway to protect Thomas SanFilippo, Customer Service; that sheplanned to focus her atten- andMitch McConnell have done to what is the greatest financial asset GerardBaker, Editor at Large Josh Stinchcomb, Advertising Sales; tion on combating climatechange the federal judiciary,” said Brian formost low- and moderate-income Paul A. Gigot, Editor of the Editorial Page; Suzi Watford, Chief Marketing Officer; and the coronavirus pandemic. Fallon,executivedirector of Demand Americans. Daniel Henninger, Deputy Editor, Editorial Page Jonathan Wright, International Membersofher ownparty had ex- Justice. “Going forward, Democrats WALL STREETJOURNAL MANAGEMENT: Joseph B. Vincent, Operations; Professional Information Business: pressed concern beforeBarrett’s on theSenateJudiciaryCommittee Mr. Laffer is founder and Chair- LarryL.Hoffman, Production Ingrid Verschuren, Deputy Head hearing that the 87-year-old wouldn’t must be ledbysomeone who will not manofLaffer Associates. Mr. Der-

EDITORIAL AND CORPORATEHEADQUARTERS: be aggressiveenough. Her approach wishfully cling to abygone eraofci- showitz is aprofessor emeritus at 1211 Avenue of the Americas, New York, N.Y., 10036 ...confirmed manyDemocrats’ fears, vility anddecorum that Republicans HarvardLaw School. Both men are Telephone 1-800-DOWJONES particularly aftershe praised Senate abandonedlong ago.” advising MortgageSecure LLC. P2JW330000-0-A01800-1------XA

A18 | We dnesday, November 25, 2020 THE WALL STREET JOURNAL.

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© 2020 Dow Jones & Company. All Rights Reserved. **** THE WALL STREET JOURNAL. We dnesday, November 25, 2020 | B1

S&P 3635.41 À 1.62% S&P FIN À 3.53% S&P IT À 1.39% DJ TRANS À 2.34% WSJ $ IDX g 0.40% LIBOR 3M 0.232 NIKKEI (Midday) 26581.98 À 1.59% See more at WSJ.com/Markets GE Plans More Cuts in Jet Unit Viacom Nears Sale The aviation business sagedelivered aweek before Wall Street Journal. moredetails will come early have sapped the business.Rev- the Thanksgiving holiday, new “The businessrevenue and next year. enue fell 32% forthe firstnine has been hurt by the GE Aviation bossJohn Slattery profit projections not only for AGEspokeswoman de- months of 2020. Of Simon & pandemic and the 737 said businessconditions are this year but next year and the clined to sayhow manyjobs GE Chief Executive Larry difficult and the unit would year afterare fundamentally would be eliminated. “Aswe Culp has said the division MAX grounding need to shrink over the next 18 lowerthan what we originally continue to closely monitor faced amultiyear turnaround, Schuster months,according to people budgeted or expected,” Mr. market conditions,weare ex- but the newround of cuts BY THOMAS GRYTA familiar with thematter. Slattery said from the divi- amining arangeofoptions to demonstrates the long road to BY BENJAMIN MULLIN Morejobs would be lost, he sion’s Ohio headquarters. A appropriately scale our busi- recovery forcertain cornersof AND JEFFREY A. TRACHTENBERG General Electric Co. said, but the cutswould be former executiveatBrazilian ness to match the realities of the economywherejob losses warned employees that more morefocused than two rounds plane maker Embraer SA,Mr. the global airline-industryre- aren’t yetover. ViacomCBS Inc.isclose to job cutsare coming to the of layoffs this year that ulti- Slattery took over the GE divi- covery,” she said. “The promise of the vaccine adeal to sell book publisher conglomerate’sjet-engine mately eliminated 25%ofthe sion in September. GE’s aviation businesshad certainly bringshope,but it’s Simon &Schuster to German businessbecause of the pan- division’s 52,000 global em- “Overall, particularly in our $32 billion in annual sales last not coming as fast as we’d media giant Bertelsmann SE demic’simpact on commercial ployees. Mr. Slattery didn’t commercial sector,we’ll be a year,but the pandemic and the like,” Mr.Slattery said in the formorethan $2 billion, peo- air travel even with the prom- disclose the number of jobs smallerbusinessand our cost long grounding of Boeing Co.’s internal video. ple familiar with the matter ise of avaccine on the horizon. that would be cut in the video, structuresimply must align,” MAX jet, which runs on en- GE’s profit plunged in re- said, in adeal that would cre- In an internal video mes- which was reviewed by The he told workers, adding that gines from aGEjoint venture, PleaseturntopageB2 ateapublishing behemoth ac- counting forabout athirdof all books sold in the U.S. Thetransaction would put Peloton thepublishersofsome of the world’sbestselling authorsin- cluding Stephen King, Bob Plagued Woodward, Dan Brownand John Grisham under the same corporateumbrella. Bertels- mann’sPenguin Random House By Delays already is the U.S.’s largest publisher by books sold, while Simon &Schuster is the third In Orders largest, behind News Corp’s HarperCollins Publishers. Thecompanies haven’t yet BY SHARON TERLEP reached afinal agreement, and it is possible the deal still Even Peloton fans have their could fall apart, the people limits. said. As Peloton Interactive Inc. ViacomCBS put Simon & racestomeet demand forits Schuster up forsale in March, connected stationarybikes and saying it would use the cash treadmills,promoting equip- proceeds to further invest in ment it maynot deliver until itsstreaming-video efforts. Vi- 2021, some would-be owners acom Inc.and CBS Corp.com- arelosing patienceasthey en- pleted theirmergerinDecem- duremonthslong deliveryde- ber 2019.The companythis

lays. M/REUTERS PleaseturntopageB4

Consumersare griping on- LA line,flooding customer-service EPHEN

lines,defecting to competing ST brands andsharing tips to re- Technology firms are among the biggest property owners in commercial real estate. An event at Apple’s headquarters. Best Buy createthe Peloton experience on rival bikes and treadmills. Spaceoccupiedinthe U.S. by Property holdings worldwide,asofDec.31, 2019* Change in average office rents Peloton is known forselling Alphabet, Amazon, Apple, andapartment sales prices, Predicts Tech company Real-estate investmenttrust $2,000-plus bikes equipped Facebook and Microsoft 2010-20 with ascreen that shows sub- 600 million squarefeet 60% All Manhattan scription workout classes.The Alphabet Slowing companysaid it has nearly Manhattan’s Chelsea doubledsubscriptions since 500 Amazon 50 neighborhood March as the coronavirus pan- Growth demic has closed gyms and led Simon Property Group morepeople to work out at 400 40 home.InSeptember,itdropped Prologis BY DAVE SEBASTIAN the starting price on itsbikes 300 30 to $1,895. EquityResidential Best Buy Co.continued bene- “We’dprobably still be wait- fiting from online sales and ing today,” said Debbie Bullen, 200 20 items that support homebound BostonProperties of Newton, N.H., who ordered a customersduring the coronavi- $4,565 Peloton treadmill in ruspandemic but warned that 100 Apple early August, but canceled the 10 thosegains will taper off. purchase afteraseven-week Theretailer booked strong Facebook wait. 0 0 sales in the early weeks of No- She said the machine didn’t vember,helped by ordersofthe 2010 ’15 ’20 $0 billion 10 20 30 40 OFFICE APARTMENT arriveonthe scheduled deliv- RENTS PRICES newPlayStation and Xboxcon- erydateand, afteraseries of *Propertyholdings include land and buildings. Theydon't include properties under construction and don't accountfor depreciation. soles,and from early Black Fri- calls to the company, aPeloton Sources: CoStar Group (space); annual and quarterly reports filed with the SEC(holdings); Cushman &Wakefield, Miller Samuel (rents, sales prices) daydeals.But product shortages representativetold her the remain achallenge forthe com- treadmill wasn’t yetataware- panyinthe faceofhigh demand, house and offered no newde- Largest Tech Companies Provide particularly in categories such liveryestimate. Ms.Bullen in- as large appliances and comput- stead purchased aNordicTrack ing,executives said. treadmill, aPeloton rival, Forthe three months ended which she said arrived earlier Relief to Ailing Property Sector Oct. 31, the companybooked than expected. $11.85 billion in sales,up21% APeloton spokeswoman from the same period last year said delays areprimarily due and beating Wall Street esti- to shipping logjams,particu- BY KONRAD PUTZIER to CoStarGroup.That is more and other businesses. companies in the 1960s,but mates,asitsold productsto larlyatportsasthe bikes are than all of the office space in While Facebook,Microsoft brokerssay thereisnoprece- consumerswho work,learn and transported to the U.S. from The biggest U.S. tech com- New York City, or the equiva- and Google have said they dent fortech’simpact on cook from home during the pan- manufacturersoverseas.She panies are providing a jolt to lent to about 220EmpireState would support working from property markets. demic.The companyexpects said port delays aredifficult to the slumbering commercial Buildings. It marks a fivefold home beyond the pandemic, “This is maybe the best op- thosegains to slowinthe cur- predict and resolve. “The wait real-estatebusiness, emerging increase from a decade ago. that hasn’t appeared to have portunity that ever existed in rent quarter,FinanceChief Matt timesright noware not how as major tenantsand acquirers Tech’ssoaring real-estate dulled their appetitefor ware- the real-estate industry,” said Bilunas said Tuesday. we want people to experience of officeand other spacewhile demand has been mostly a houses,datacenters, retail Roy March, chief executive of “It continues to be difficult Peloton,” she said. manynontech firms aretrying boon forcities and towns, stores and even moreoffice real-estateinvestment bank forustopredict howsustain- On Peloton’sFacebook page, to tear up their leases. though it has also fueled some space. This year alone,the five Eastdil Secured LLC. “I don’t able these trends will be,” Mr. postspromoting the brand and Five of the biggest property concerns over rising rentsand tech giantshaveexpanded their think we’veeverhad this kind Bilunassaid on aconference itsclasses spur commentary owners in the tech industry— gentrification. Thesector’s ar- real-estatefootprint by more of demand that’sbeing driven call, adding that the resurging from angrybuyers. Agood-na- Amazon.com Inc., Facebook rival usually bringsaninflux of than aquarter,their fastest out of asector sincethe in- Covid-19 cases come amid a tured post on Thursdayfeatur- Inc., Apple Inc., Google parent well-paid employees and fills rate over the past decade. vention of the internal com- busy holidayperiod. ing Peloton user “Gus” Alphabet Inc.and Microsoft city cofferswith property-tax Other industries expanded bustion engine.” PleaseturntopageB2 spawned an exchangebetween Corp.—together occupy revenue.Their presencehas aggressively in the past, such Tech’sdemand reflectshow customersoverwhose delay around 589 million squarefeet had apositiveknock-on effect, as financial services in the fast these companies continue  Heard on the Street: PleaseturntopageB2 of U.S. real estate, according helping boost retail, restaurant early 1980s or manufacturing PleaseturntopageB6 Christmas came early...... B14 Downturn SpursBids forBank Charters INSIDE

BY PETER RUDEGEAIR bank charter in the fiscal year discouraged manypotential Thecostsofopening anew through Sept. 30,according to entrants from applying. bank haven’t changed much, It has been a tough year to the Office of the Comptroller Under the Trump adminis- and the Federal Reservehas be abank.Plenty of companies of the Currency. That is the tration, regulators have tried cut interest ratestonear-zero want to become one, anyway. most in asingle fiscal year to makethe banking system yetagain. But the coronavirus Consumer lender Oportun since 2010. Oportun’s filing is moreaccommodativetonew crisis and the market gyra- Financial Corp.onMonday thesecond in the OCC’scur- applicants. tions it caused have shown the filed paperwork to start its rent fiscal year,which started Financial-technology benefitsofabanking license— ownbank in California, joining on Oct. 1. startup Varo Money Inc. got and the low-cost depositsthat a wave of firms that have ap- In the period following the the green light foranational- come with it. plied forbanking licenses dur- 2008 financial crisis and the bank charterinJuly,and pay- Anational-bankcharter will ing a recession that has pun- passage of the Dodd-Frank fi- mentscompany Square Inc. allow Oportun to offer check- RETAILING ENTERTAINMENT ishedbanks’ core businesses nancial-reform law, new bank and student-loan servicer Nel- ing accounts, savingsaccounts J.Crew changes chief Grammynominations and forced them to set aside filingswerearareevent. net Inc. received approval in and certificates of depositsto executives forthe third come at an uncertain tens of billions of dollarsto Higher complianceand capital March from the state of Utah itscustomerswhich it can cover soured loans. costscombined with alow-in- and the Federal Deposit Insur- then use as acheaper source time in pastthree time with no live Ten companies filed appli- terest-rateenvironment that anceCorp. to open their own of funding forloans,said Chief years B3 performances B4 cations foranew national- challenged bank profitability banks. PleaseturntopageB12 P2JW330000-4-B00200-1------XA

B2 | We dnesday, November 25, 2020 **** THE WALL STREET JOURNAL. INDEX TO BUSINESSES BUSINESS & FINANCE

These indexes citenotablereferences to mostparent companies and businesspeople in today’s edition. Articles on regional page inserts aren’t cited in these indexes. Best Buy A G Pioneer Natural Resources...... A7B Accor...... B6 Gap...... B3 Procter & Gamble...... A7 Alphabet...... A7B,B1 General Electric.....A7,B1 Sees Growth Purdue Pharma...... A3 Amazon.com...... A7B,B1 Goldman Sachs...... A7B S Apache...... A7B H Apple...... A7,A7A,B1,B6 Salesforce.com...... A7B Slowing Home Depot...... A7B,B14 AppsFlyer...... B4 Spotify Technology.....B4 Honeywell...... A7B AstraZeneca Square...... A7A,B1 Huawei...... B14 ContinuedfrompageB1 ...... A6,A7B,B13 Sunbeam Products.....B2 B I Thecompanywill monitor T futuregovernment stimulus ac- ...... A7B International Business Target...... B14 GES tions,personal-consumption Best Buy...... B1,B7,B14 Machines...... A7 IMA trends such as travel and dining L U BioNTech...... A7B,B13 out, risk of continued unemploy- Boeing...... A7B,B1 Live Nation UBS Global Wealth ETTY Management...... A7A /G ment and inventoryavailability C Entertainment...... B4 ST going forward, Mr.Bilunas said. UnitedHealth...... A7,A7B PO

Lowe's...... B14 N Cargill...... B7 Like other retailers, the com- V TO Carnival...... A2 M panyiscapitalizing on the Valley Forge Capital Charles Schwab...... A7B Merck...... A2 SHING strength of online sales,which Management...... A1 Coca-Cola...... A7 Microsoft...... A7B,B1 WA nearly tripled on acomparable Vanguard...... A7B ...... B12 Moderna...... A7B,B13 basis in the U.S. in the third Varo Money...... B1 quarter,ascustomersavoid in- D N W CLAIN/THE storeshopping during the pan- D Ameritrade...... A7B Nelnet...... B1 MC demic.Best Buy is closing its

Walgreens Boots TT Dick's Sporting GoodsB7 Netflix...... A7A

Alliance...... A7 MA stores on Thanksgiving Dayto E - F Newell Brands...... B2 Walmart...... B2 Sunbeam received 119 reports of lid detachmentthatled to 99 burn injuries, some of them severe. avoid hosting large crowds, Eastdil Secured...... B1 O X though it plans to extend oper- Embraer...... B1 ating hoursduring the holiday Oportun Financial...... B1 Enel...... B12 Xiaomi...... B14 season, as it did in previous Ennismore...... B6 P Y Burn Threat Leads to Recall years, Chief ExecutiveCorie Exxon Mobil...... A7,A7B Peloton Interactive.....B1 York Capital Barry said. Facebook...... A7B,B1 Pfizer...... A7B,B13 Management...... B12 Best Buy shares lost $8.50, or Of Crock-Pot Multicookers 7%, to $113.54onTuesday. Best Buy's comparable store INDEX TO PEOPLE sales,change from previous BY DAVE SEBASTIAN commonly fail to lock the pot other retail stores and web- year A Hobart, Lauren...... B7 Pasricha, Sharan...... B6 beforestarting it, exceed the sites from July 2017tothis 25% Abbasi, Yousef...... A7B Hoskins, Victor...... B6 Pine, Richard...... B4 More than 940,000 Crock- fill line when cooking with month, with prices between B K Pitcher, Annie...... B6 Potmulticookersare being liquid ingredientsand im- $70and $100,according to Puhan, Tatjana...... A7A 20 Kaniel, Oren...... B4 recalled afterreportsofthe properly use the quick-release the notice. Baird, Jim...... A7A S Barber, Gary...... B3 Kantesaria, Dev...... A1 lidsuddenly detaching be- valve. Thecommission said con- 15 Barr, Jim...... B2 L Schoettler, John...... B6 cause of pressure, causing hot To avoid the unintended sumersshould stop using the Shanley, Lorraine...... B4 food and liquids to be ejected misuse,Sunbeam said it has recalled multicookersinpres- Barry, Corie...... B1 Lakos-Bujas, Dubravko Singer, Jan...... B3 from the pot. developed anew lid with up- sure-cooker mode,orensure 10 Bazin, Sebastian...... B6 ...... A7A Bilunas, Matt...... B1 Slattery, John...... B1 The six-quart multicookers dated iconography and quick- that the lid is fully locked as Lim, Richard...... B6 Smith, Bruce...... B2 Bhushan, Gaurav...... B6 aremanufactured by Sun- referenceinstructions,and they wait forthe replace- 5 Lippert, Michael...... A7A Sokolyanska, Raya...... B3 Brett, Jim...... B3 beam Products Inc., aunit of changed the lid’sdesign to ment. Lores, Enrique...... B4 Stack, Ed...... B7 C Newell Brands Inc.Sunbeam block the pot from starting Theproduct canstill be 0 M Starace, Francesco....B12 received 119 reportsoflid de- unlessthe lid is secured. used forslowcooking and Chiappinelli, Peter...A7A MacLennan, David...... B7 Stritch, Mike...... A7A tachment that led to 99 burn Thecompanysaid it is re- sautéing,the commission Culp, Larry...... B1 Syngal, Sonia...... B3 –5 Malkin, Scott...... B6 injuries,ranging from first- to calling and replacing the lids said. D Marcelli, Solita...... A7A T third-degree burns in the U.S., on productsmanufactured be- About 28,330 of the items –10 Drexler, Mikey...... B3 March, Roy...... B1 Turner, Michael...... B6 according to anotice on the tween July 1, 2017, and Oct. 1, to be recalled were sold in G - H Meislahn, Karla...... B6 Tyrrell, Jace...... B6 U.S. Consumer Product Safety 2018.The Crock-Potswere Canada,while the rest were FY2018 ’19 ’20 ’21 P U Goldman, Gene...... A7B Commission website. sold at Walmart Inc., Target sold in the U.S.,according to Note:3Qfiscal year 2021 ended Oct. 31 Harmon, Douglas...... B6 Page, Sébastien...... A7A Ulrich, Kevin...... B3 Sunbeam said consumers Corp., Amazon.comInc.and the notice. Source:the company

GE shares areup32% in the GE Unit past month to $10.07, putting the stock price at levels not seen since early March. The Plans More S&P 500 index is up 3.2% in the same period. Afterselling assets, GE made itsfirst acqui- Layoffs sition in yearslast week when itshealth-caredivision bought adiagnostics technologycom- ContinuedfrompageB1 panyfor an undisclosed cent years,dragged down by amount. problems in itsfinancial-ser- Mr.Slattery told employees vicesunit and itscorepower the cuts coming to the avia- business, prompting it to over- tion operation would giveita haul its management, board bettercost structuretohelp andcorporatestructure. Mr. itslong-term health. Culp joined the boardinearly “When we come out the 2018 and became CEO later other end of the storm, we will that year. The company has be prepared to addressthe up- cutits dividend to atoken turn and the surge that will pennyashare, sold major materialize,“hesaid in the businesses such as transporta- video. tion and oil, along with ama- GE Aviation, which is based jor part of itshealth-caredivi- in Cincinnati, hasmajor facto- sion. ries in Lynn, Mass.,Asheville, Investorswereencouraged N.C., and Lafayette, Ind. It by GE’s third-quarter results makes the MAXengines in a

GES last month that showed an- joint venturewith France’sSa-

IMA other quarter of shrinking rev- fran SA.The Federal Aviation enue, but a smaller loss and Administration recently

GETTY positivecash flow from itsin- cleared the MAX to return to W/ dustrial operations. passenger service. SHA A EZR ‘Weare doing everything we can to get our products to our prospectiveMembers as quickly as possible,’Pelotonwrote to shareholders.

system compatible with Pelo- ‘Sorrytherewas aslowboat so revenue of at least $3.9 billion Peloton ton’sonline classes. youhavetowait six weeks,’ forthe fiscal year that ends Nautilus shares have surged they’reOK,” he said. June 30,roughly double the above$15 from $1.50 ayear He said the companyalters previous year’s total. Peloton, Struggles ago, when the companywas itsmarketing to promoteonly as well as itscompetitors, have struggling with deep losses and productsthat areinstock. been making the case that it by sales declines.Itnow sportsa Peloton continues to adver- has apromising futurebeyond To Deliver market value of about $500 tise on social media, through Covid-19. million, compared with more direct marketing,and other Thecompany’sstock fell than $32billion forPeloton. channels as away to promote 25% earlier this month on ContinuedfrompageB1 Nautilus CEO Jim Barr took the overall brand and to raise promising news about a coro- Introducing an wasworse. over in July 2019 with aplan awareness, particularly in mar- navirus vaccine developed by Ergonomic Heat “Canceled 15 minutes before to overhaul the Vancouver, kets outside the U.S. wherethe Pfizer Inc., as Peloton wasone the window. I’m in Michigan Wash., companyinpart by ac- bikes arelesswell known, the of several companies that took and Massage and bikeisinCalifornia still celerating itspush intoso- Peloton spokeswoman said. ashare-pricehit amid investor apparently.December 9th is called connected workoutslike “We’relooking to getpeople concerns that productspopular Chair for Work newdate,” read one post. “Is it those offered by Peloton. Nau- to think about our community during the pandemic might fall and Home sad I’m jealous of your delays? tilus makes itsnamesakeexer- while not trying to stressour out of favoroncethereisa Had adeliveryof11/19 and cise equipment as well as supply chain,” she said. The vaccine. pushed intoJanuary,” another Schwinn and Bowflexbikes and companyopted against any U.S. gyms area$40 billion commenter said. treadmills. Black Fridayorholidaypromo- industry, while at-home fitness Online,insocial media Thestrategywas beginning notches lessthan $4 billion in groups and via blogs,Peloton to showpromise beforethe annual sales,said Mr.Barr,the subscribersshareadvice on pandemic,Mr. Barrsaid in an The company Nautilus CEO,citing numbers howtouse the company’sapp interview. Covid-19,however, from data-tracking firms.He with bikes and treadmills from has led to explosivegrowthin acknowledged said the disparity means the other equipment makers. sales of bikes,treadmills and delays are plaguing market he serves hasroom to In arecent lettertoshare- other exercise equipment. The grow even if thereare fewer holders, Peloton acknowledged most recent quarter wasthe customers. convertstoat-home workouts customersare struggling both most profitable in thecom- afterthe pandemic. with deliverydelays and “unac- pany’s34-year history. BruceSmith, founder and ceptably long” wait times for Sales of connected bikes CEO of Hydrow Inc., which %( 1-# *( /!& +$) 0-.'", customer-servicehelp.“We are have “been gangbusters,” he tions. makes arowing machine with doing everything we cantoget said, and the ability to use the Peloton’ssupply-chain woes theconnectivity of aPeloton our productstoour prospec- Peloton platform is abig draw. aren’t weighing down the com- forwhich classes aretaught tiveMembersasquickly as Nautilus expectstotal revenue pany’sfinancial performance. from riversaround the world, possible,” the lettersaid. between $540 million and $565 TheNew York-based company expectssome people to migrate Peloton’ssmaller rivals such million this year,upatleast reported its firstquarterly back to gyms afterthe pan- as Nautilus Inc.and Nordic- 75%from2019.Icon, which is profit in September,while the demic. Track maker Icon Health &Fit- closely held, expects2020 number of $39-a-monthcon- “One-third will go back as nessInc.may benefit from the sales to exceed $1 billion. nected-fitnesssubscriptions for soon as they can,” said Mr. Free Shipping&30Day Risk Free Trial market leader’s supply-chain Mr.Barr said Nautilus also ownersofPeloton bikes and Smith. “Another one-thirdwill Save $100 Now! And, Use code Ergonomic woes.Nautilus,which also is getting hit by shipping de- treadmills morethan doubled. go back gradually,likepeople For Free X-Wheel Casters makes Bowflexworkout sys- lays,though it has managed to Peloton’ssharepricehas did to flying after9/11. And one *$50 per month based on purchase of $89999 for 18-months 0% interest tems of 1980s infomercial getwait times down to four to quadrupled sinceits initial thirdwill say, ‘Holy crap,this fame,offerslower-priced bikes five weeks.Ifacustomer “has public offering in September thing is amazing,’ and stay and advertises aconnected waited five weeks and yousay, 2019.The companyprojects with it.” P2JW330000-2-B00300-17FBFF7178F

THE WALL STREET JOURNAL. ** We dnesday, November 25, 2020 | B3 BUSINESS NEWS Gap Expects Flat Or SlightlyHigher SalesOverHolidays

BY MICAH MAIDENBERG to provide easy and safeshop- ping options,” said Chief Execu- Gap Inc.’squarterly sales tiveSonia Syngal, who took on rebounded from spring shut- the topjob at the long-strug- downs,but increased market- gling companyinlateMarch, ing weighed on profits. days afterittemporarily closed Executives cautioned that all of itsstoresinthe U.S. and rising Covid-19 infections Canada because of the initial

could slowvisitstostoresdur- spread of the coronavirus. S

ing the critical holidayshop- Gap reported $3.99billion NEW ping period. in salesfor the quarter ended G Theretailer behind Gap,Old Oct. 31, ahead of forecastsfrom Navy,Banana Republic and analystssurveyed by FactSet. OOMBER BL

AthletastoresonTuesdaysaid That wasflat compared with T/ it believes sales for its fourth the year-earlier period but bet- VEL quarter,which includes the terthan itspreceding two TER

holidaystretch, will be flat or quarters, when the company WES slightly higher than the year closed stores as thepandemic NINA earlier. intensified in the spring and The retailer emerged from bankruptcy in September with a deal that cut its debt and handed ownership to a group of lenders. Gap warned that the recent then movedtoreopen them increase in Covid-19 cases when lockdowns were lifted. could hurt storetraffic but In-storesales were down notedthat online ordersare 20% in the latest quarter but J.Crew Ousts Chief Executive rising.Some retailershave rose 61% online. been buoyedbybettersales Thecompanyreported a this fall,but manyare now profit of $95 million, or 25 worried that officials will im- cents a share, compared with After Less Than Year in Post pose fresh restrictions on store $140 million, or 37 centsa operations because coronavirus share, in the year-ago period. infections continue to surge. At an investor event in Oc- Still, consumers have been tober,executives said Gap BY SUZANNE KAPNER cut itsdebt and handed owner- return the companytoits for- planned to spin off Madewell patronizing stores at malls, worked to shiftoperations as it AND JULIET CHUNG ship to agroup of lenders, led mersuccess as the go-toplace into aseparatepublicly traded and the National Retail Feder- reopened stores in part by by NewYork hedgefund An- forthe perfect weekend T-shirt companyand use the proceeds ation haspredicted holiday drawing in customerspurchas- J.Crew Group replaced its chorageCapital Group LLC.An- or officeblazer.“Thecontinued to paydowndebt from a2010 sales,including those from on- ing apparel online and picking chief executiveafter lessthan a chorageco-founder Kevin Ulrich executiveturnover at J.Crew leveraged buyout by the pri- line sites,will increase at least up ordersatstores, and by year in the role,and just afew became J.Crew’s chairman. adds to the turbulenceofanal- vate-equity firms TPGCapital 3.6% compared with last year. launching amask business. The months afterthe apparel seller Mr.Ulrich has takenahands- ready brutal year forthe re- andLeonardGreen &Partners. Gap is pushing to boost de- SanFrancisco-based company emergedfrombankruptcy pro- on role that includes attending tailer,” said Raya Sokolyanska, But those plans were put on mand “particularly in this dis- this year also has tried to focus tection with newhedge-fund some management meetings, senior analyst with Moody’s In- hold this spring as the pan- locatedmarket as customers on meeting increased demand owners. other people familiar with the demic forced temporaryclo- arelooking to trusted brands forrelaxed apparel. JanSinger,who took over as companysaid. They said Ms. sure of stores,sapping sales. CEO in February, wasreplaced Singer had done an admirable Jan Singer, a Ms.Singer’s departuremarks TuesdaybyLibby Wadle,a job steering the company former the second time the chief execu- longtime J.Crew executive. Nei- through the bankruptcy process Victoria’s tiveofacompanyhas swiftly ther of them wasimmediately by meeting financial targetsand Secret exited afterAnchorage’sMr. Ul- available forcomment. that the businesshad stabilized. executive, had rich assumed the boardchair- Aperson familiar with the Ms.Singer wassurprised by the been CEO manrole. matterdescribed the changeas decision to changeleadership, since February. In 2018,employees and in- aboarddecision meant to sim- some of the people said. vestorsinHollywood studio plifythe management structure. J.Crew had struggled in re- MGM HoldingsInc.weresur- Thetwo executives had split cent years with sizing and qual- vestorsServiceInc. prised by the ouster of enter- S oversight of the company’s ity issues.Its longtime CEO J.Crew brand sales fell 2% to tainment veteranGaryBarber NEW

G brands,with Ms.Singer over- Mickey Drexler stepped down in $516.8 million in the three just five months afterthe board seeing J.Crew and Ms.Wadle 2017, and his successor,former months to Feb. 1, the last quar- renewedhis contract and soon running Madewell, itsfaster- West Elm executiveJim Brett, terfor which the companyre- afterMr. Ulrich became board OOMBER

/BL growing business. leftafter 16 months. ported financial results. chair. The Wall Street Journal

LIU J.Crew filed forbankruptcy Ms.Singer,aformer Victo- Madewell sales increased 13% to reported at the time that Mr. Y

RO protection in May, and emerged ria’sSecret executive, assumed $178.1 million in the period. Barber wasblindsided by the Gap warned thatthe rise in Covid-19 cases could hurt store traffic. in September with adeal that the CEO role with amandateto Earlier this year,J.Crew news.

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B4 | We dnesday, November 25, 2020 ***** THE WALL STREET JOURNAL.

MEDIA & TECHNOLOGY WSJ.com/Tech Consumer Laptop Sales Buoy HP, Dell

BY MARIA ARMENTAL SENCE DCP ES R

Laptop sales,driven by peo- S R FO

ple working and learning from FO PRES GES

home to curb the pandemic’s GES IMA IMA spread, helped HP Inc.and Dell ZUMA Technologies Inc.softenthe GETTY WIRE/ impact from loweroffice-equip- GETTY A

ment spending. /P HP on Tuesdayreported an OPSHIRE/ TTERMOLE/ ANTES

18%increase in revenue from CA INF SHR

notebooks forthe quarter Y ND ABEL

ended Oct. 31 on record vol- RA GARETH IS ume. Sales of desktops and BrittanyHoward, Dua Lipa and Taylor Swift arecontenders forthe awards to be given out Jan. 31. Forthe thirdyear in arow,women dominatedthe top-tier nominations. workstations fell. Overall, reve- nue slipped 1% to $15.26 billion, ahead of analysts’ expectations, according to FactSet. Grammys Nod to Beyoncé, Swift Theconsumer business again drovesales,with key ar- eas likegaming showing strong Nominations come at prize, album of the year,went like“Watermelon Sugar,” gains,HPChief ExecutiveEn- to R&B singer Jhené Aiko, didn’t receiveany nominations rique Loressaid in an interview. an uncertain time for genre-crossing music prodigy in the topcategoriesfor which Processor and panel shortages the industry with live JacobCollier and retro-soul he is eligible: album of the areexpected to continue to duo Black Pumas.These are year,song of the year (for drag on sales through the first performances on hold less commercially-successful songwriters), and record of the half of the year,hesaid. artiststhat have currencywith year (for performers, produc- HP’sprinting businesscon- BY NEIL SHAH Grammyvotersbut maybeun- ersand engineers). Thefourth tinues to struggle,however, familiar to most music fans. topcategoryisbest newartist. with revenue in the most re- TheGrammyAward nomi- Veteranrock band Critical darling and singer- cent quarter down 3% from a nations areout, and thereisa wasalso nominated in the cat- songwriter ,whose year earlier but up 23% from glaring number of unexpected egory, asurprise given the lack “Fetch the Bolt Cutters” is thepreceding quarter. nods and snubs: Less-known of buzzinthe run-up to the among this year’s most effu- Theprinting business, while artistslikeJacob Collier and nominations.And the only rap- sively praised albums,also was smallerbyrevenue,istypically BlackPumas and rock institu- per recognized forthe top relegated to lower-profile morelucrative. tion Coldplayscorednomina- award is Post Malone, who award categories.

In addition to arecord19 tionsfor topprizes.But The CITIZEN straddles the fencewith pop At the same time,this million PCsshipped in the Weeknd? Shut out completely. music. year’s higher-profile nomina- quarter,Mr. Loressaid HP sup- It’sasurprising turn: Ayear OBAL Other nominees in this cate- tions coveredawider array of GL

plied12million printers, awel- ago, the annual awardsshow R gory include pop star Dua music genres than usual, in- come sign of recovery and one seemed to have afinger on pop FO Lipa—considered amajor con- cluding rock, which is less that could lead to those cus- music’snew guard.But the GES tender—Taylor Swiftand rock dominant on streaming ser- tomersreturning to buy ink nominees fornextyear’s prizes, IMA sister-trio Haim. Beyoncé,who vicesand in the broader cul-

and other products. announced by the Recording ETTY leads the pack with nine nomi- ture. “Our consumer printing AcademyonTuesday, areamix /G nations overall, is the most Acclaimedfemale rock art- businessisalso significantly of quirkyand conventional, nominated female artist in istsBrittany Howard and abovethe plans that we had with small, niche artistsreceiv- MAZUR Grammyhistory. Phoebe Bridgersare among

before Covid,” Mr.Lores said, ing high-profile nods,widely fa- KEVIN In the biggest upset this the most nominated acts, join- referring to pandemic that took voredand zeitgeisty actsget- Beyoncé could receive awards for record and song of the year. year, R&B-pop crooner The hold early in the year. ting snubbed and established Weeknd was shut out of all Dell on Tuesdayreported an namesinstead of newcomers award nominations.The Cana- Revenues in the U.S. 8% revenue increase to arecord dominatingoverall nomina- The Nominees in “I Can’t Breathe”—H.E.R. dian superstarwas considered $12.3billion forits business tions.Nextyear’s Grammys will “If the World Was Ending”— afront-runner by manyinthe record business The Top Categories that includes consumer com- take placeonJan. 31 in LosAn- JP Saxe featuring Julia Mi- music business, having re- grew 6% in the first puter sales.The company’scon- geles,hosted by “The Daily chaels leased one of 2020’smost suc- sumer revenue rose 14%, while Show” host and comedian cessfuland praised albums, half of 2020. commercial-client sales in- Trevor Noah. Record of the Year Album of the Year “After Hours.” (The Weeknd is creased5%. Sales of servers Thenominations,which “Black Parade”—Beyoncé “Chilombo”—Jhené Aiko also playing next year’s Super and datastorage equipment fell were criticized by music fans “Colors”—Black Pumas “Black Pumas” (Deluxe Bowl.) On Monday, “Blinding again in the recent quarter as and critics as out of touch “Rockstar”—DaBaby featuring Edition)—Black Pumas Lights,” one of TheWeeknd’s ing more-expected names like customerscontinued to focus with popular tastes,come at Roddy Ricch “Everyday Life”—Coldplay recent songs,became the lon- newrap superstar Megan Thee on remotework. an uncertain time in the music “Say So”—Doja Cat “Djesse Vol. 3”—Jacob Collier gest-running top10hit in the Stallion; countrysinger Ingrid Overall, Dell’srevenue for industry. SinceMarch, when “Everything I Wanted”—Billie “Women in Music Pt. III”—Haim 62-year historyofBillboard’s Andressisupfor best newart- the quarter ended Oct. 30 rose the pandemic halted arena and Eilish “Future Nostalgia”—Dua Lipa singles chart. ist; and K-pop behemoth BTS 3% to $23.48billion, or $23.52 stadium concerts, major festi- “Don’t Start Now”—Dua Lipa “Hollywood’s Bleeding”—Post On Tuesdayevening,The wonanomination forbest pop billion on an adjusted basis, vals and the vast majority of “Circles”—Post Malone Malone Weeknd responded to his duo/group performance. beating analysts’ expectations. theater shows,the in-person “Savage”—Megan Thee Stallion “Folklore”—Taylor Swift Grammyshutout on Twitter. Tenofthe 12 artistswho re- Quarterly profit surgedto$832 live-music businesshas largely featuring Beyoncé “The Grammys remain cor- ceived at least four nomina- million, or $1.08 ashare. On an been closed, with leading pro- Best New Artist rupt,” he said. “You owe me, tions arepreviously nominated adjusted basis,profitrose to moterslike LiveNation Enter- Song of the Year Ingrid Andress my fans and the industry acts. Beyoncé’s song “Black Pa- $2.03 ashare, ahead of ana- tainment and AEG Presents “Black Parade”—Beyoncé Phoebe Bridgers transparency.” Representatives rade,” which garnered two lysts’ expectations. burningcash, talent agencies “The Box”—Roddy Ricch Chika for the Recording Academy high-profile nominations for Forcompanies likeHPand laying off staff,smaller venues “Cardigan”—Taylor Swift Noah Cyrus couldn’t be reached. song and record of the year, Dell,the pandemic has proven shuttering and countlesswork- “Circles”—Post Malone D Smoke In response,the Recording wasatimely response to this to be achallengeand aboon, ers—from smaller artistsand “Don’t Start Now”—Dua Lipa Doja Cat Academy’sinterim chief execu- year’s movementsagainst po- increasing demand forpersonal gigging musicians to roadies “Everything I Wanted”—Billie Kaytranada tiveand president, Harvey Ma- licebrutality and racial injus- computers but also denting of- andfestival food-truck opera- Eilish Megan Thee Stallion son Jr., said it wasan“unusual tice. fice-equipment spending as tors—struggling to paybills. and competitiveyear.” Other top nominees this many continue to work re- And yet, the recorded-music “Weunderstand that The year include Taylor Swift, Dua motely. industry—the realm of record Revenues in the U.S. record while,major labels,flush with Weeknd is disappointed...I was Lipa (recently abest newart- HP’squarterly profit forthe labels—has by and large perse- businessactually grew 6% in cash from streaming royalties, surprised and canempathize,” ist winner) and “The Box” rap- latest period jumped to $668 vered. While use of subscrip- the firsthalf of 2020 to $5.7 have continued to spend hefty Mr.Mason said. perRoddy Ricch, each with six million, or 49 centsashare. On tion music-streaming services billion, according to the Re- sums to sign newand estab- In addition, HarryStyles, nods; as well as Brittany How- an adjusted basis,profitrose to like Spotify dipped briefly in cording IndustryAssociation lished musicstars. the One Direction member ard, who brokethrough with 62 centsashare, beating expec- thespring,ithas sincerecov- of America, extending amulti- Threeofthe eight nomina- who has built athriving solo her band , tations. ered to roughly normal levels. year growth streak. Mean- tions forthe most prestigious career driven by pop-rock hits with five.

ADVERTISEMENT of the strong interest in politi- books sold in the U.S.,accord- Simon & calmemoirs, social-justiceis- ing to NPD BookScan, while Si- Showroom sues,and education-related ti- mon &Schuster accounted for tles.Through the nine-month 9.1%. To advertise: 800-366-3975orWSJ.com/classifieds Schuster’s period ended Oct. 3, print book Including Simon &Schuster, sales rose 6.4% from ayear that U.S. market sharewould earlier, according to book rise to about 34%. HarperCol- PORSCHE Sale Nears tracker NPD BookScan. In the lins Publishers, the second- firstnine months of last year, largest publisher by unit sales, print book sales were down accounted forabout 11% of ContinuedfrompageB1 0.9% from ayear earlier. print books sold in the U.S. year agreed to sell CNETMe- Simon &Schuster domi- during the same period. dia Group for$500 million and nated the political conversa- Richard Pine, aNew York is looking to sell “Black Rock,” tion in 2020, publishing such literaryagent, said he is con- CBS’shistoric MidtownMan- bestsellers as MaryL.Trump’s cerned the creation of such a hattan headquarters. memoir “Too Much and Never large publishing house would BloombergNewsearlier re- Enough,” Sean Hannity’s “Live “lead to an unhealthyobses- WTT ported ViacomCBS wasclose sion with publishing mega TW WTTaCQ GE A%!9A''*. <,D6+OL(I P\D&3^ a3??X/*Z&b[ T: Y\ @OTW`WBB TW WTTC&39& :E A%! aM&3^2 G?^/*Z&b[ 1R Y\ 'IK@TQT`WBB to selling Simon &Schuster to bestsellers.” T> WTTC&39&:aCE M=5F=6 aC E\ZJ?3/*Z&b[ 0R Y\ 'IK@T:W`WBB Bertelsmann. Book sales have “It’slikebaseball, youneed T1 WTT'&33?3& E#X^M3&Xb?G&b\X9 'UMS? A%! *Z&b[/*Z&b[ T0RY\'IK @TTO`WBB Other publishersinterested the minor leagues,” Mr.Pine OBT>WTTaCQM=5F=6 TQ WTT'&33?3& E'UMS? A%! +8\.?/*Z&b[QBR Y\ 'IK@1W`WBB in Simon &Schuster included been strong this said. “Authorsneed to be nur- ICEAZ.3&J\UZ?./*Z&b["11OY\ TT WTTaCQ GE M=5F=69A''*. <,D6+OL(I a3?F *Z&b[/*Z&b[ :R Y\ 'IK@OB:`WBB HarperCollinsPublishers, ac- year in part because tured. If youhaveasystemof @T>;`WBB B> WTTCM3$U 'UMS? >L1I/35L;9 #=;I3/C,+/37LI +8\.?/*?\9? TORY\@>O`WBB cording to people familiar with one book and done when the N,',L/',(#LL#/I,L,N#G, the matter. Aspokesman for the pandemic. magic didn’t happen, then OB I&X&Y?3& :ESU3. CM3\2YU a?X.\&X*ZM?/*Z&b[WOY\@TBW`WBB News Corp,which also owns those writerswill be leftbe- OB '&F?XX? = K/LPL5=6 M?@A:-))9JGB +8\.?/*Z&b[ 0R Y\ @1W`WBB TheWall Street Journal, de- hind.” T> I&X&Y?3& CM3$UL\98. *ZM?/*Z&b[ ;R Y\ 'IK@TTW`WBB clined to comment. Lorraine Shanley,president T1 I&X&Y?3& :E #H?b4 = ?=E+-"4!K&M?@A a3?F/*Z&b[ OWRY\'IK @WW`WBB Thedeal could draw atten- Free or Die” and former na- of industryconsultantsMarket ',(N,L/*K)EC#G tion from the JusticeDepart- tional security adviser John PartnersInternational Inc., OBT0WTTaCQGE A%! ment, said David Meyer, a Bolton’s“TheRoom WhereIt said adding Simon &Schuster ICEN?H\bU*ZM?/*Z&b["1RY\ OB 1T>ESF^?3 M=5F=6 a?X.\&X *ZM?/*Z&b[ TR Y\ @TO;`WBB @T>:`WBB T0 *UH2.?3ESF^?3 M=5F=6 *Z&b[/*Z&b[ OBRY\'IK @>W`WBB Washingtonantitrust attorney Happened: A White House to Penguin Random House’s who served at the JusticeDe- Memoir,” among others. portfolio “would makeitin- EI#'_,PC(/#)KC_'E partment as adeputy assistant Penguin Random House has creasingly difficult to compete, TW N?3b?^?2 E;0B :N,C_'=K/LP0 M?@A:-22H94"$ *Z[/*Z[OWR Y\ 'IK@>1`WBB attorney general under Presi- an impressiveslateofauthors, not just forthe other big pub- TW *N+ ::B\ JN?1++8 M=5F=6 aZ&b\?3 E\ZJ?3/*Z&b[ 0R Y\ @:W`WBB T> N?3b?^?27*?XD EP ;;B+8\.?/IU3b?Z&\X WR Y\ 'IK@>T`WBB dent George W. Bush. “Their including former President Ba- lishersbut forthe smaller pub- T> N?3b?^?27,NaaP# 0Q EK$2\^\&X *Z&b[/*Z&b[ O1RY\'IK @1:`WBB combined sharewould be suf- rack Obama, former firstlady lishers. Penguin Random T> *N+ 0;B\ H%3\J?=K/LPL5=6 M?@A:-2B49H4$ a3?F/*Z&b[OQR Y\ 'IK@1B`WBB ficient to motivateaclose look Michelle Obama, DanBrown, House is also amajor distribu- OBT>N&b&XaCE T> *N+N;;B\ H%3\J?=?=E+-G)!K&M?@A *Z&b[/_JU3F TWR Y\ 'IK@0T`WBB at thetransaction,” he said. as well as Ta-Nehisi Coates tor, as is Simon &Schuster.Be- ]?.*Z&b[/*Z&b["QBRY\ "'IK T1 %U^9? -\S?3aCE G!\X&Z #^\.\UX 6V1: U< TBB5+8\.?/*Z&b[ORY\@OQW`WBB Book sales have been strong and Danielle Steel. tween the two they would @0;`WBB T1 N?3b?^?27*?XDEP:;B *Z&b[/*Z&b[ TQRY\'IK @0W`WBB this year in part because the Penguin Random House op- have averylarge segment of ,$$ 64&<93 9C<$E:9 H@C2 H&.$92 L9+&3.4@.&IM @M: !&<9M3&M+2 *9$&D94B @M: %@M:$&M+ '9935 *9@$94 &3 MI. 4936IM3&>$9 7I4 64&<&M+ 944I435 coronavirus pandemic has lim- erates approximately 325 im- the market when it comes to 811(G0F(K11A =J64&M+-9$:; #! !%94:-"+-=-<2 -< &54)-.)8 ("56 0; *-<6 $41-:+437 ited other entertainment printsin22countries. distribution.” 3@$93?&34&M+)@E39M5/*544 %1-99-<2 choices such as movies and Through Oct. 24,itaccounted —Ben Dummett contributed theme parks,but also because forabout 25% of all print to this article. P2JW330000-0-B00500-1------XA

THE WALL STREET JOURNAL. We dnesday, November 25, 2020 | B5

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B6 | We dnesday, November 25, 2020 THE WALL STREET JOURNAL. THE PROPERTY REPORT In U.K., High Street Is Laid Low Accor, Ennismore Tax break for tourists is set to expire, adding Set Deal to operators’ burdens as pandemic persists For Hotels

BY RUTH BLOOMFIELD BY CRAIG KARMIN

TheU.K.risks losing itssta- European hotel giant Accor tus as apremier shopping des- SA is betting big on lifestyle tination afterapopular tourist hotels,agreeing to merge its taxbreak expires,posing a boutique properties with a new threat to retail property U.K. companytocreatewhat it ownersalready whipsawed by says will be the world’slargest the pandemic and Brexit. operator of lifestyle hotels. Starting in January, foreign Accor said it has agreed to visitorswill no longer be able form a new venture in an all- to reclaim asales taxof20% sharetransaction with Ennis- foritems bought in the U.K. more,aLondon-based hotel for £30—equivalent to about operator,that will include $40—or more. more than 70 properties.It Business leadersworrythat will feature adozenlifestyle touristscould abandon London brands,including Mama Shel- forother European shopping ter, SLS and the 21c brands destinations such as Paris and that operatehotels in the U.S. Milan. Acrossthe rest of Eu- Under the proposed deal, the rope,tax refunds on shopping combined companywould have remain the norm. Non-Euro- about another 180 hotels either pean Union travelerscan re- in the pipeline or in advanced claim up to 20% of their spend- discussions with hotel owners,

ing in Franceand 22%inItaly. CK Accorsaid. That size and scope Retailsales this year in TO could givethe newdivision— London and other partsofthe which will operateunder the

U.K. have already suffered SHUTTERS Ennismorename but would be

from adropinforeign visitors A/ majority-owned by Accor—en- because of the coronavirus hanced global clout in this pop-

pandemic, plus two lockdown HALL/EP ular lodging segment.

periodsduring which all but NEIL “Lifestyle is the fastest- essential stores have been Adecline in foreign shoppers amid the pandemic has hurt businesses on London’sOxfordStreet and other big U.K. commercial corridors. growing hotel segment on the forced to close. Now, the fear planet,” Accor CEO Sebastian is that even afterCovid-19 Office, which monitors public demand, margins and costs warn. But retail property own- project has been ahit. In 2019, Bazin said.“Guestswant it, comes under control, Britain’s spending,calculates that £210 acrossthe retail sector, erslikeScott D. Malkin,chair- morethan two-thirds of the and hotel owners want it.” higher-taxed productswill billion wasspent on health plunged to an all-time low in man of Value Retail, which 7. 3million people who visited While the lifestyle label is makeitlessappealing as a care and support for employ- the second quarter.The U.K.’s owns astring of shopping out- Bicester’s 160-plus stores were sometimes ambiguous,itusu- global shopping mecca. ees and businesses during the exit from the European Union lets, areexpected to be among tourists. ally refers to hotels that em- “I thought that the point of firstsix months of the could further undermine busi- the hardest hit. Mr.Malkin declined to com- phasizedesign and feature an Brexit wasthat we were going Covid-19 crisis. nessifitmeans fewerEuro- Mr.Malkin comes from a ment. But RichardLim, CEO of activebar and restaurant scene. to become morecompetitive,” Thegovernment wouldn’t pean tourists visit. real-estatefamily—his brother independent consultantsRetail Mr.Bazin said he defines alife- said Jace Tyrrell, chief execu- comment, but officials have Retailintelligencefirm AnthonyMalkin is chief execu- Economics,suggested the end style hotel as one that derives tiveofthe NewWest End previously described the tax- SpringboardforecastsU.K. tiveofthe companythat owns of the foreign taxexemption at least40% of itsrevenue from Company, which represents refund system as “a costly re- shopping destinations will see the EmpireState Building— would hurt destinations like food and beverageand other some 600businesses in cen- lief which does not benefit the overall foot traffic for the six Bicester Village. entertainment services. tral London, including Nike whole of [the U.K.]equally, weeks to Boxing Day(Dec.26) “Touristsplayasignificant The lifestyle segment has Inc.,Apple Inc., and Ralph with current use of the plungeby62% compared with Across the rest of role in the prospectsofpartic- suffered along with most other Lauren Corp.“This is going to scheme largely centered in the same period last year. ular partsofthe retail sec- hotels that tend to cluster in affect not just London but re- London.” TheBritish businesscom- Europe, tax refunds tor—particularly acrossluxury or near large cities,where gional cities likeEdinburgh Early tourist feedback is munity hasn’t given up.Ina on shopping remain goods—and acrosscity centers both businesstraveland tour- which rely on tourists.” setting off alarms.Arecent lettertoBritain’schancellor of and retail destinations like ism have dwindled. Theowner of Heathrow Air- survey found 70% or more of the exchequer,companyexecu- the norm. Bicester Village,” he said. “The Thecurrent Ennismoreprop- port is leading alegal chal- visitorsfromthe FarEast and tives warn that the decision long-term implications Ithink erties have been struggling with lenge against the decision. In Middle East are less likely to would be aself-inflicted will be negative.” occupancylevelsbetween 30% papers filed in October in the visit the U.K. Morethan 60% wound. Some businessleaders, such and50%, and the hotels have British High Court, the airport from the U.S. said the same, “Britain will nowbethe and he brought the concept of as Selfridges managing direc- cut room ratesby20% to 30%, owner alleged the tax-refund according to the poll of 3,000 only country in Europe not to designer discount mallstothe tor Anne Pitcher, say the new said Sharan Pasricha,founder repeal miscalculated the level tourists by Global Blue, a tax- offer tax-free shopping to in- U.K. in 1995. rule will also be a job killer. of Ennismorewho will be aco- of potential savings, and that refund company. ternational visitors,” it reads. He developed Bicester Vil- “People don’t just shop CEO of the mergedcompany. the government failed to fully The British retail-property “Wefear that the messagethis lage near the city of Oxford. when they come to the U.K.— Gaurav Bhushan, who runs consult those who will be af- sector has been rattled for decision sends is effectively Theoutdoor mall wasde- they stay in hotels,eat, travel Accor’s lifestyle business and fected by the decision. Brexit yearsbythe rise of online telling international tour- signed to resemble atradi- andvisit cultural institutions, will be the newunit’sother triggeredthe movetoend the shopping, Brexit, and now by ists…to go anywherebut the tional villagemain street, and and businesses acrossthe chiefexecutive, said he ex- refund. thepandemic.The KPMG/Ip- U.K. to spend their money.” offers brands like Gucci, Bur- countrywill be severely im- pectsactivity at the properties TheU.K.government needs sosRetail Think Tank retail Hotels and restaurants berryand Balenciagaatpacted by the removal of the to ramp up next year even if the money.The National Audit health index, which measures could also feel the pinch, they sharply reduced prices.The scheme,” she said. travel remains subdued.

ADVERTISEMENT Tech Lifts BusinessReal Estate&Auctions To advertise: email [email protected] or WSJ.com/classifieds Commercial

AUCTIONS MASSACHUSETTS Properties

@C=$9I9??'%3C=?D!C%"=?10?D"=?B 7I=$G'% ContinuedfrompageB1 #,('0!)0 "$1%),. AJ;/-:> .,%)1/ ,- *$!')1 &"'/ to grow,the treasuretrove of CK

IQ#,E# C,\# MKC^'# 0>-0 I4Z3X")0 #70"4X4<3"3& ^7)& -'-9<_Z47<- 'Z4XZ4-0-99 $<3XZ3" Z_ 0>" <70"4"30 cash at their disposal, and re- TO <0 >-3 <7 %U!U,33Z)<-0"3& -'-9<_Z47<- `"7"4-9 I-407"43>" 6,P)0" -33"0 _Z4 3-9" <3 -7Z7= 511,5..& !!$ )Z704Z99<7?& 7Z7=8-4:"0-+9" -7$ P7$"9$ ?"7"4-9 X-407"43><)> <7)9P$"3 cently discounted prices 0>" _Z99ZL<7? W)Z99")0" 6^70"4"305V( :!AI9 !# +(83& 0"GID throughout the commercial-

WZP3" 9Z)-0"$ -0 1.Y \Z>9"4 E04""0& QZ3 ,7?"9"3& ', SHUTTERS W<ZP3" 9Z)-0"$ -0 1Y[ \Z>9"4 E04""0& QZ3 ,7?"9"3& ', property market because of A/ W<< E04""0& QZ3 ,7?"9"3& ', -7$ -7 P73")P4"$ MZ0" G")"" E"99"4 <3 -7 <70"47-0 -7$ _4ZF"7 _ZZ$ X4Z$P)03& $4H ?ZZ$3 -7$ Z0>"4 0-7?<+9" <0"83 0Z 0>" Their hold on the real-es- 9"<3P4"-7$ 04-N"9 <7$P304H Z7 0>" "-30 -7$ L"30 )Z-303U LANE/EP tate market mirrorstheir dom- K79H +<$$"43 0>-0 -4""9" ,P)0" C"483 Z_ E-9" W$"]7"$ +"9ZLV& L<99 +" TIN X"48<00"$ 0Z X-40<)" ,P)0

inanceofsocial media, web JUS ^7 -$$<0"4 4"TP<4"8"703 4"_"4"7)"$ <7 0><3 7Z0<)"& 0>"4"-4" 3X")<]) 4"TP<4"8"703 _Z4 -7H XZ0"70<-9 +<$$"4 <7 )Z77")0 Z+0-<7<7? <7_Z48-0" ^70"4"30 -3 _P40>"4 $"3)4<+"$ <7 0>" 0"483 Z_ 0>" searches,online advertising Amazon expects most of its staff to eventually return to offices. ,P)0" 3-9" Z_ 0>" ^70"4"30 W0>" SC"483 Z_ E-9"RV& <7)9P$<7? +P0 7Z0 9<8<0"$ 0Z "J")P0<7? -)Z7]$"70<-9<0H and e-commerce.These five -?4""8"70& $"9" -+<9<0H -7$ ]7-7)<-9 L>"4"L<0>-9 0Z )Z73P88-0" 0>" 3-9"U .(). ,.()< EC=D?%$?= 2B4 +2$4 5* C>" ^70"4"30 <3 Z__"4"$ Z7 -7 "& )& -7$ #+/(/ )& +-3<3& #)%+ "'' -"$'%&&M"<0>"4 I4Z3X")0& ,P)0-9_ Z_ I4Z3X")0 Z4 ,P)0-03Z"N"4UC>" ^70"4"30 L<99 +" 3Z9$ L<0>ZP0 4")ZP43" Z_ -7H :<7$U #-)> +<$$"4 FHH 7*)' %@AB 32,3-.& " ^70"4"30U C>" ^70"4"30 L<99 +" 3Z9$ -3 -+9Z): -7$ 7Z0 +" +4Z:"7 $ZL7 Z4 C6G;@#E =6G6EI count forasignificant shareof azon canceled adeal to open a sea neighborhood for$1.8bil- _P40>"4 $" ,P)0" 40 0Z W-V 0"48<7-0" 0>" 3-9"& Z4 -$;ZP47 0>" 3-9" 0Z 3P)> Z0>"4 $-0" -7$ 0<8" -3 62.'5 1(23&'/'3+' ('3.'/* 0>" ,P)0" X9-)" -7$ Z7 0>" $-0" Z_ 3-9"& -7$ -7H 3P+3"TP"70 akey role in itssurge from a York City’s Long Island City end of NewYork’sreal-estate -$;ZP478"70 0>"4"Z_&L<0>ZP0 _P40>"4 XP+9<)-0" C"483 Z_ E-9" -3 0>" ,P)0" ^70"4"30 Z4 Z0>"4L<3"U The pandemic has only from local residentsand some yearslong boom in prices,said C><3 7Z0<)" <3 _Z4 <7_Z48-0" Z__"4<7? -7$ 3-9" Z_ 0>" ^70"4"30 <3 +"<7? 8-$" Z79H 0Z <7N"30Z43 L>Z "30-+9<3> made these firms moredomi- politicians. Douglas Harmon, chairman of 0>"H -4",))4"$<0"$ ^7N"30Z43 -3 $"]7"$ <7 0>" C"48 Z_ E-9"U ,7H <70"4"30"$ +<$$"4 )-7 Z+0-<7 -))"330Z0>" $-0- 4ZZ8 )Z70-<7<7? _P40>"4 <7_Z48-0 4"3X")0 0Z 0>" nant in real estate. While most Thefivetech companies capital marketsatCushman & ^70"4"30& -X4ZXZ3"$ XP4)>-3" -?4""8"70 -7$ Z0>"4 $Z)P8"703 4"TP<4"$ 0Z X-40<)" ,P)0" 3-9" PXZ7 )Z8X9H<7? L<0> 0>" 4"TP<4"8"703 3"0 _Z40> <7 0>" *4-P7 O<8J 8-4:"0<7? 8"8Z4-7$P8U ALJ'I. ,<7-3--- $LJG/ "L!#IFGB 7+ "EL !Z4 8Z4" <7_Z48-09 Wa11V @1a=11/a "J0U YDDU *Z7$ D2a[/.2 *G# (FGHF% :;EIF%LII "=&IB :- "=&I G# $@#IL/ off on property transactions intothe creation of affordable deal.The companyhas leased DY[Y.@@1 >%K#3 DE@@ ALJ'I )5#JL =G. amid uncertainty over the housing,but the sums arefar more officespaceinthe area 44/6##@#E("!$ economyand the rising popu- toosmall to offset their impact and bought another nearby +''(158('888 larity of remotework,Amazon, on apartment rents. building for$2.4billion. AUCTIONS AUCTIONS 56 4#/ 8F$ :?29 *CLK <-1?20- Facebook and itspeerscon- What makes tech different Thanks in part to Google’s tinue to lease and buy space. from other industries that expansion, the area’soffice 30-0)=* .,--9B “Webelievethat post-pan- have rented lotsofofficespace rentsand apartment prices 8=@ 0*.932+9*2 demic we will ultimately re- is howmuch real estateithas grew faster than the Manhat- turn to doing amajority of our bought or built. tanaverage over the past de- *'"0)%3- -2 !22#7%&.3%$ work in the office,” said John Alphabet owned $39.9 bil- cade.Employees started look- 6+ *)/% (03 52.% )041,. SHOWROOM Schoettler,Amazon’svice lion in land and buildingsasof ing forapartmentswithin president of global real estate September,not including prop- walking distancefromwork 'A?A>(5A"6$A( ;/& @A># ADVERTISE TODAY #% )/!7:/1 4/7%< and facilities.“We believethat erties under development, ac- andhelped attract shops and much of the best work that we cording to afiling with the Se- high-end restaurants. 23(9 V)-AJ =' L>76!646!=>BR O!>B>,!>% do is done in the officewhere curities and Exchange “Technologytenantstend B>* K1 Q;4!6M /(,49(* (800)366-3975 employees cancome together, Commission. That is up from to createecosystems,just like O!>BR Q;4!6M 2<<=964>!6M 83B!RB@R( [email protected] +-D+&T L00F )ATG525F )D$". QJ I<9(6BNH work together to solveprob- $4 billion adecade ago. Ama- financial-services tenants did lems andbecollaborative.” zonowned $39.2 billion in real when they dominated skylines PPPDB,;4!6M9(BR6MD,=?C<9=U(,67C6#(E,B9RM7R(C Formoreinformation visit: That dominance is also estateatthe end of 2019,up around the city,” said Michael ,=>6B,6S !>'=:B,;4!6M9(BR6MD,=? wsj.com/classifieds causing anxiety.The industry’s from slightly morethan $1 bil- Turner,president of Oxford impact on apartment rentshas lion in 2010. Properties Group, which last NORTH CAROLINA made cities lessaffordable for In buying rather than leas- year leased to Google an office manylongtime residents. That ing,tech companies canput building in nearby Hudson has turned tech intoabogey- their hugecash reserves to use Square. %$:&@=#!@ 7*$=&' man foranti-gentrification ac- and avoid having to deal with Tech’simpact on real-estate ')I)1HB); 6, "6008/H;H+ LA .61)8 G)80 HF !41)6<9+ tivists. landlords.They also getto marketsisn’t confined to big $( ,;;),+@<;,D=., 8=. :25 "A.;D."AD !;/+@> '=9;1,4 $."AD +, A=CC;.A+"EF.;,+>;@D+"E4 (67+.;> In 2018,Google backed out profit from the growth in cities.Pryor,Okla., population %#*4 &;9 %#* 9+EE !; B00-200 C?ED+8"C+E3F of plans to open acampus for property values that their around 9,000,ishome to one D=9@/=C;F.;,+>;@D+"EFA=CC;.A+"E ?@+D,4 (411 !6-3D@BHH, ©201! Dow Jones &Company, Inc. tech startups in Berlin’sKreuz- presencecreates. of Google’sbiggest datacen- JEJ>?KK>ECE5 H; ;6-3DI8BHH,2<.461>-H. All Rights Reserved. bergneighborhood following Google’sfirst big real-estate ters and the companyisspend- proteststhat the tech company bet came in 2010,when the ing $600 million to expand it. P2JW330000-0-B00700-1------XA

THE WALL STREET JOURNAL. We dnesday, November 25, 2020 | B7 BUSINESS NEWS Vaccines for Food Workers Urged S

NEW MacLennan says suppliers’ employees should be prioritized G

BY JACOB BUNGE implement social distancing I’m the older generation. OOMBER

/BL and other safety measures People who are my kids’ age David MacLennan steered during the initial outbreak. can get everything at home, one of the world’s biggest How do you respond to criti- so would they want to? GOODNEY food suppliers through cism that Cargill gave prior- You’re going to see people

PHER Covid-19’s world-wide spread ity to output over workers’ entertain at home, in smaller

TO in the spring. Now he is health? groups, and be more reluc-

CHRIS bracing for another surge. MR.MACLENNAN: We tant to go out into larger Ed Stack will remain chairman. Cargill Inc., a 155-year-old never put production over gatherings. That supports company with 155,000 em- worker safety. We have pre- and perpetuates at-home ployees in 70 countries, declared values. When you meal preparation that comes Stack Will straddles the global food- JOURNAL put that as your filter, that from retail.

and agriculture-supply REET makes decision making very chains, processing farmers’ ST easy. Certainly there were WSJ: How does that affect crops, packing meat and dis- LL pressures to do what’s best Cargill? Give Up WA tributing sugar, salt, cotton for the country and making MR. MACLENNAN: Consum- THE

and other com- R sure people are fed, but our ers have become more aware CEO Role BOSS TALK modities. Its FO primary concern was for our of the supply chain, going plants supply employees’ safety. back to the farmer, the

some of the world’s biggest KERMAN We only closed four plants rancher, the manufacturer of At Dick’s consumer brands, supermar- AC in the U.S. One was closed by ingredients. People didn’t

ket chains and restaurants. JENN a municipal authority, so it think of it before. BY SARAH NASSAUER Thecoronavirus pan- Cargill revamped plants against the virus, David MacLennan says. wasn’t our choice. We closed demic upended those finely one facility where state offi- WSJ: What did you change Ed Stack is stepping down tuned supply chains.Since WSJ: The North American MR. MACLENNAN: Clearly cials put meaningful pres- when the pandemic hit in as chiefexecutiveofDick’s the spring,when meatpack- food industry faced huge dis- health workers get it first, sure on us to [stay open], to the U.S.? Sporting Goods Inc.after de- ing workersacrossNorth ruptions from Covid-19 last and the vulnerable, the el- keep supply chains going, MR. MACLENNAN: We had cades at the helm of the re- America fell sick by the spring. Are you now seeing derly, people with pre-exist- keep the economy going, and to shift our manufacturing, tailer he built into a national thousands,Cargill and other the same things in this new ing conditions. We will advo- we did not. our supply chains. Our facili- chain and led into the debate food processorshavere- surge? cate that then the essential Many of the decisions ties where we made products over gun violence. vamped plantstodefend MR. MACLENNAN: We’re not workers—I would include the were detrimental to profits, for restaurants suddenly Mr.Stack,65yearsold, against the virus that causes seeing the disruptions, cer- food-supply chain—should and we’d do it again the didn’t have the business. Dick’sbiggest shareholder,will Covid-19.The Minnesota- tainly not like there were be right at the top. same way. And then, shift back as some stay on as chairman and chief based companyinstalled back in April and May. I was of the food-service business merchant, arole he held in ad- partitions between process- at one of our beef facilities WSJ: In China, Cargill suf- came back. Our egg busi- dition to CEO,aspokeswoman ing-line work stations, this month, and they were fered few outbreaks, in part ness—we supply McDonald’s, said. Lauren Hobart,the re- started checking workers’ running at 98% capacity. because Beijing ordered ‘Clearly the shift for example—dropped pre- tailer’s president, will become temperatures,issued masks There are increases in cases, shutdowns. Would those sort cipitously in the early days chief executiveonFeb.1,the and spaced out seating in but we think they’re primar- of steps have helped curb from food service to of Covid, so we had to either spokeswoman said. Ms.Hobart break rooms.Asinfection ily people living in the com- outbreaks in North American retail is here for a idle the [processing] capac- joined the companyin2011 as ratesrise around the coun- munity and coming into the plants? ity temporarily or shift it to chief marketing officer. try, Cargill is urging em- plant [infected], versus the MR. MACLENNAN: China has while,’ the CEO says. retail. In 1984 Mr.Stack and his ployees to followsimilar other way around. had pandemics, or epidem- siblings bought the company practices at home. People are more informed, ics, before, like SARS. Then WSJ: How has the pandemic from their father, Dick Stack. The 61-year-old Mr. Mac- people are embracing wear- you get into all the interest- changed the way you run the At the time,itwas atwo-store Lennan, Cargill’s chief execu- ing masks in public. Even ing conversations around so- WSJ: People are ordering company? sporting-goods companyin tive since 2013, has faced though the numbers are cial norms. Could you ever more food online, cooking at MR. MACLENNAN: We put Binghamton, N.Y. Thechain, previous crises. He became higher today, nationally reasonably or practically im- home more frequently, buy- one of our executive-team now based in Pittsburgh, has Cargill’s chief financial offi- speaking, so far, we’re not plement the kind of steps ing in bulk. Is a new Ameri- members as responsible for more than 850 stores around cer in 2008 as the global seeing the kind of big spikes China did, in the United can consumer taking shape? each region, and they make theU.S.under different ban- credit crisis hit. He is now [in Cargill plants] we’d seen States? Those steps would MR. MACLENNAN: Clearly decisions for those regions ners, including Golf Galaxy and changing how the company’s last spring. I’m touching be impossible in a country the shift from food service as appropriate. Field & Stream stores. plants and executives func- wood as I say that. with an open society like to retail is here for a while. It’s created a better mix Thecompanyhas worked to tion to navigate the pan- ours. It’s beyond me to say between headquarters-driven increase sales as moreshop- demic—and business beyond. WSJ: Will you seek priority whether this is a structural decisions and mobile-driven ping shifts online and some Mr. MacLennan recently for your workers to receive a WSJ: By operating at full ca- shift that lasts forever. Will decisions. I don’t see us pull- sporting-goods competitors spoke with The Wall Street vaccine, when one becomes pacity, critics say meatpack- we ever go back to a movie ing back that decision mak- such as Sports Authority Inc. Journal. Edited excerpts: available? ers made it tough to fully theater again? I’d like to, but ing. have declared bankruptcy un- der heavy debt loads and the pressures of newconsumer ADVERTISEMENT habits. Dick’s has added more team-sportsgear and increas- ingly popular productssuch as BusinessReal Estate&Services athleisureapparel and has in- To advertise: email [email protected] or WSJ.com/classifieds vested in e-commerce infra- structure. Online sales account formorethan $1 billion of the company’s$8.8 billion in an- '*E# [HC#ND nual sales. C=" BW69$O5 N"-$;7> [W2"9 #MU"625R Mr.Stack has become a vo- APHY GR

caladvocatefor stricter regu- TO

lation of gunsales sincea PHO

school shooter in Parkland, OY 85;2'52;%& "*!*$%& (#& Fla., killed 17 people in 2018. Theretailer limited the gun MALL (7BA &3?) &?+?1-?C G>D 6F6F

selection in the company’s BRIAN stores afterthe shooting,end- Neal Sample oversees most of Northwestern Mutual’sdigital work. ing the sale of semiautomatic "7BB4? 8179:7"$ 'W0726K '90+ W\ 6"5;$"72;-9& =W5U;2-9;2K36"5W62& -7$ 9;>=2 sue cost the companysales These CIOs will be expected 2=" FW(W7W5 L07;(;U-9 ]W9\ 'W065" (W88"6(;-94 that year,and 62 employees Largebusinesses arestart- to team with businessleaders -7$ D066W07$;7> %"/"9WU8"72 N-7$ )Y8U6W/"8"725 ;7(90$" V^<=W9" >W9\ (W065" quit in protest, he said during ing to hold their chief informa- to develop digital products -7$ (90+=W05"4 a Wall Street Journal confer- tion officersaccountable for andservices and help estab- LW76W" 'W072K&#-52 D26W0$5+06>&F, )]W9\ =W9"5 8052 6"8-;7 >W9\ W6 WU"7 5U-("4 ence that year. the resultsofcorporate-wide lish indicatorstomonitor digi- )C=" 8-:W6;2K W\ 2=" -(6"->" ;5 IW7"$ '1 “Weknewthe blowback we digital businessoperations,giv- tal performance results. They VR@ =W065 \6W8 JA'-7$ 1=W065 \6W8 T(W88"6(;-9S -7$ P0-9;Z"5 \W6 2=" N#EC, 2-M would have,” said Mr.Stack, ing them much wider responsi- also will be held moreac- F=;9-$"9U=;- who owns guns and enjoys bility within the organization. countable forthe success or -+-2"8"72R F0+9;( .-2"6 -7$ U0+9;( 5"."6 target shooting.“Ithink CEOs As the economic changes failure of their organization’s -/-;9-+9"R todayorcompanies today brought about by the coronavi- collectiveinvestmentsindigi- have to sit down and they ruspandemic acceleratebusi- tal businesses, Ms Hill said. 2(&(% +$' #,0&(%, 1% ###)""+*!+.+-+&).+/ have to say, ‘What is the right nesses’ digital transformations, Neal Sample,the chief in- thing that we should do?’” he manynow see aneed foran formation officer at North- %& #&! !$& "'## said. Mr. Stack and his family executivewho canviewdigital western Mutual LifeInsurance ownacontrolling stakeinthe effortsinterms of the entire Co., a financial-services com- company. organization, coordinateactiv- pany, oversees most of his Sincethen Dick’shas taken ities and managerisks,said company’s digital operations, the gundepartment out of Janelle Hill, chief of research including its customer-facing hundreds of stores, replacing forGartner Inc.’sCIO practice. website and its financial-ser- hunting gear with higher-mar- This is arole normally asso- vices client portal. gin items such as kayaks, ciated with achief operating of- Before joining Northwest- clothing and sneakers, moves ficer, Ms.Hill said. But many ern Mutual last year,Mr. Sam- NOTABLE that boostprofits,Mr. Stack large organizations undergoing ple had been the chief operat- has told investors. adigital transformation in more ing officer at pharmacy- On Tuesday, Dick’sreported traditional industries—such as benefit manager Express COMMERCIAL another quarter of strong energy,manufacturing and re- Scripts Holding Co., where he salesand said demand was tail—don’t have aCOO to coor- previously served as CIO. healthy heading into the holi- dinatetheir activities,she said. Mr.Sample said that at PROPERTIES days,asAmericans spending Gartner,which in October re- Northwestern Mutual, there moretime at home buy fitness leased itsannual list of topstra- has been atransition from a equipment. Thecompany’s tegic predictions,said by 2024, classic CIO model to one EVERYWEDNESDAY same-storesales rose 23%, and aquarter of the CIOs working in wherethe position has more itse-commerce sales jumped large,traditional enterprises operational accountability. 95% from ayear ago. Profit will effectively become,asthe Forinstance, in the past, nearly tripled from ayear ago research and advisoryfirm calls theNorthwestern Mutual in- ListYour Property Today to $177.2 million. it, “COO by proxy.” formation technology depart- Dick’s is the latest big-box ManyCIOs already playa ment’s responsibility forthe storetoreport third-quarter strategic role within their corporate website was for la- (800)366-3975 results that were better than companies,helping set overall tencyand availability issues. Wall Street analystsexpected. corporatedirection. But others Now, he said, as CIO he is in [email protected] Best Buy Co., Target Corp., continue to manage informa- charge of not only making Formoreinformation visit: Home Depot Inc.and others tion technologyasasupport surethe siteisup, but also have loggedgains as Ameri- function, Ms. Hill said. that trafficisstrong and the wsj.com/classifieds cans continue to buy items for Those CIOs increasingly will user experience is good. their homes—everything from be called upon to demonstrate “We’re sort of expected to videogame consoles to kitchen moreoperational accountabil- notjust build, fire and forget,” counters. ity.They will recommend he said, “but actually deliver Dick’sshares,which are which enterprisewide digital the experience, measurethe trading near records, were lit- projectsget the green light, experienceand then respond tle-changed in trading on which activities continue to be to the way the market is ab- ©2020Dow Jones &Company,Inc.All Rights Reserved. Tuesday. funded and which efforts are sorbing that experience.” P2JW330000-0-B00800-1------NS

B8 | We dnesday, November 25, 2020 NY THE WALL STREET JOURNAL. BIGGEST 1,000 STOCKS

Net Net Net Net Net Net How to Read the Stock Tables Footnotes: Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg The following explanations apply to NYSE, NYSE s-New 52-week high. BP BP 21.86 1.45 Brown-Forman A BF.A 74.15 1.26 ChinaLifeIns LFC 11.29 -0.04 Darden DRI 113.46 3.88 FirstHorizonNatl FHN 13.07 0.79 s IHS Markit INFO 93.62 -0.04 Arca, NYSE American and Nasdaq Stock Market t-New 52-week low. Baidu BIDU 134.36 1.32 Bruker BRKR 50.32 -1.59 ChinaMobile CHL 30.82 0.88 DarlingIngred DAR 48.88 1.60 FirstRepBank FRC 134.62 3.89 s II-VI IIVI 67.02 0.56 listed securities. Prices are composite quotations dd-Indicates loss in the most recent four s that include primary market trades as well as quarters. BakerHughes BKR 20.26 1.00 Bunge BG 62.65 2.72 ChinaPetrol SNP 46.72 0.31 Datadog DDOG 89.18 -1.86 FirstSolar FSLR 90.41 3.49 ING Groep ING 10.24 0.88 trades reported by Nasdaq BX (formerly Boston), FD-First day of trading. Ball BLL 96.11 0.67 BurlingtonStrs BURL225.95 -4.05 ChinaSoAirlines ZNH 32.37 1.79 DaVita DVA 109.67 -0.35 FirstEnergy FE 26.66 -1.05 Invesco IVZ 17.13 0.80 Chicago Stock Exchange, Cboe, NYSE National and h-Does not meet continued listing BancoBilbaoViz BBVA 4.46 0.19 CBRE Group CBRE 61.46 1.68 ChinaTelecom CHA 31.25 0.54 DeckersOutdoor DECK 259.49 2.07 Fiserv FISV 114.88 2.78 IPG Photonics IPGP 204.80 1.80 Nasdaq ISE. standards BancoBradesco BBDO 4.22 0.15 CDW CDW 136.82 6.00 ChinaUnicom CHU 6.29 0.18 Deere DE 261.51 0.40 FiveBelow FIVE 157.49 1.26 IQVIA IQV 172.00 1.44 The list comprises the 1,000 largest companies lf-Late filing BancodeChile BCH 18.32 0.44 CF Industries CF 38.65 2.83 Chipotle CMG 1262.82 -18.18 DellTechC DELL 70.33 0.95 Five9 FIVN 143.04 -4.99 IcahnEnterprises IEP 50.25 -0.14 based on market capitalization. q-Temporary exemption from Nasdaq BancSanBrasil BSBR 7.47 0.36 CGI GIB 72.60 1.17 Chubb CB 154.75 5.72 DeltaAir DAL 41.26 2.47 FiverrIntl FVRR 194.74 -5.26 Icon ICLR 186.37 -1.45 Underlined quotations are those stocks with requirements. BcoSantChile BSAC 18.07 0.41 CH Robinson CHRW 94.42 2.25 ChunghwaTel CHT 38.35 0.01 DenaliTherap DNLI 61.02 -1.21 FleetCorTech FLT 267.06 12.40 IDEX IEX 194.49 1.11 large changes in volume compared with the t-NYSE bankruptcy BcoSantMex BSMX 5.54 0.40 CME Group CME 173.18 4.40 Church&Dwight CHD 83.65 -1.62 DentsplySirona XRAY 51.55 1.09 s Flex FLEX 17.000.47 IllinoisToolWks ITW 212.31 3.54 issue’s average trading volume. v-Trading halted on primary market. CMS Energy CMS 62.31 0.87 s DeutscheBank DB 11.46 0.42 Boldfaced quotations highlight those issues vj-In bankruptcy or receivership or being BancoSantander SAN 2.93 0.18 ChurchillDowns CHDN 186.18 -0.69 Floor&Decor FND 83.19 -1.82 Illumina ILMN 305.63 3.78 whose price changed by 5% or more if their reorganized under the Bankruptcy Code, BanColombia CIB 31.34 0.95 CNA Fin CNA 35.97 0.93 Cigna CI 210.02 3.08 DexCom DXCM 313.32 -7.77 FomentoEconMex FMX 77.12 2.44 ImperialOil IMO 19.20 0.82 previous closing price was $2 or higher. or securities assumed by such companies. BankofAmerica BAC 28.98 1.59 CNH Indl CNHI 11.26 0.46 CincinnatiFin CINF 79.56 1.93 Diageo DEO 156.41 0.77 FordMotorF 9.45 0.59 Incyte INCY 80.74 -0.65 BankofMontreal BMO 74.81 2.23 CNOOC CEO 121.79 1.31 Cintas CTAS 361.96 3.69 DiamondbkEner FANG 47.14 2.65 Fortinet FTNT 118.59 1.51 INFY 15.53 0.15 s CRH CRH 41.87 2.41 DigitalRealtyDLR Wall Street Journal stock tables reflect composite regular trading as of 4 p.m. and BankNY Mellon BK 40.69 2.14 CiscoSystems CSCO 42.61 0.97 132.60 -7.37 Fortis FTS 40.69 -0.10 s IngersollRand IR 45.47 0.99 changes in the closing prices from 4 p.m. the previous day. BkNovaScotia BNS 49.63 0.79 CRISPR Therap CRSP 109.99 -0.01 Citigroup C 57.06 3.76 DiscoverFinSvcs DFS 81.60 3.48 Fortive FTV 73.00 1.32 Inphi IPHI 150.69 1.08 Barclays BCS 8.02 0.53 CSX CSX 92.92 0.86 CitizensFin CFG 35.06 1.81 DiscoveryB DISCB 30.60 -0.30 FortBrandsHome FBHS 84.68 -1.43 Insulet PODD 253.61 -12.28 CVS Health CVS 68.43 1.65 DiscoveryA DISCA 27.20 0.70 Intel INTC Tuesday, November 24, 2020 BarrickGold GOLD 22.79 -0.45 CitrixSystems CTXS 122.09 1.93 FoxA FOXA 29.48 0.95 47.01 0.95 Net Net CableOne CABO 1975.00 16.99 DiscoveryC DISCK 24.47 0.68 Stock Sym Close Chg Stock Sym Close Chg BauschHealth BHC 19.24 -0.07 Clarivate CCC 26.89 -0.45 FoxB FOX 29.21 1.17 InteractiveBrkrs IBKR 52.77 0.13 Net BaxterIntl BAX 76.03 0.26 CabotOil COG 18.03 0.40 Clorox CLX 199.54 -2.77 Disney DIS 151.49 5.51 Franco-Nevada FNV 125.84 -1.18 ICE ICE 103.07 0.71 Stock Sym Close Chg CadenceDesign CDNS 110.74 -0.51 AlliantEnergy LNT 53.37 0.62 Anthem ANTM 313.94 3.28 BectonDicknsn BDX 229.29 0.81 Cloudflare NET 66.69 0.60 DocuSign DOCU 217.20 0.03 FranklinRscs BEN 22.37 1.11 InterContinentl IHG 63.14 2.02 CaesarsEnt CZR 70.10 3.20 Allstate ALL 104.88 3.57 Aon AON 207.93 4.75 BeiGene BGNE 256.18 -17.60 Coca-Cola KO 53.22 0.54 DolbyLab DLB 89.68 2.06 s FreeportMcM FCX 23.11 1.20 IBM IBM 124.42 4.33 A B C CamdenProperty CPT 100.19 1.55 AllyFinancial ALLY 31.07 1.21 ApolloGlbMgmt APO 45.58 1.18 BentleySystems BSY 35.58 0.44 Coca-Cola Euro CCEP 44.26 1.72 DollarGeneral DG 212.98 1.94 FreseniusMed FMS 41.96 -0.28 IntlFlavors IFF 115.13 3.85 CampbellSoup CPB 49.37 0.26 s AlnylamPharm ALNY 125.66 2.64 s Appian APPN132.81 -4.23 Berkley WRB 65.84 0.62 Cognex CGNX 73.46 2.18 DollarTree DLTR 111.35 13.74 s IntlPaper IP 51.87 1.86 ABB ABB 26.83 0.22 CIBC CM 85.42 1.74 Alphabet A GOOGL 1763.90 36.34 Apple AAPL 115.17 1.32 s BerkHathwy B BRK.B 233.92 4.38 s CognizantTech CTSH 78.75 1.55 DominionEner D 79.38 0.33 G H I Interpublic IPG 23.23 1.14 AcadiaPharm ACAD 54.72 0.88 CanNtlRlwy CNI 110.84 1.84 Alphabet C GOOG 1768.88 34.02 s ApplMaterials AMAT 82.95 2.45 BerkHathwy A BRK.A 3511016686.00 ColgatePalm CL 84.71 0.17 Domino's DPZ 383.13 -4.08 Intuit INTU 345.20 1.87 s AECOM ACM 52.18 0.45 CanNaturalRes CNQ 23.93 1.13 GCI LibertyA GLIBA 91.48 -0.10 Alteryx AYX 112.00 -1.08 Aptargroup ATR 127.88 1.02 BerryGlobal BERY 54.43 0.21 s Comcast A CMCSA 52.34 2.53 Donaldson DCI 54.86 0.62 IntuitiveSurgical ISRG 724.84 5.79 AES AES 21.15 0.69 CanPacRlwy CP 326.14 -2.78 Dover DOV 126.34 2.91 GDS Holdings GDS 88.25 1.40 s AlticeUSA ATUS 34.58 -0.45 s Aptiv APTV 121.66 5.06 BestBuy BBY 113.54 -8.50 Comerica CMA 54.59 2.64 Invitae NVTA 46.65 -4.27 Aflac AFL 46.13 1.68 Canon CAJ 18.65 -0.04 s Dow DOW 57.73 1.79 s GFLEnvironmental GFL 25.90 -0.31 Altria MO 41.00 0.80 Aramark ARMK 36.95 1.12 BeyondMeat BYND 141.83 0.87 CommerceBcshrs CBSH 69.75 1.62 InvitatHomes INVH 28.60 0.45 AGCO AGCO 96.21 2.25 s GSXTechedu GSX 65.08 1.18 s AlumofChina ACH 9.24 0.90 s Bilibili BILI 62.84 -0.48 CanopyGrowth CGC 26.97 2.25 DrReddy'sLab RDY 65.53 1.47 IonisPharma IONS 50.04 -0.23 AGNC Invt AGNC 15.70 0.25 ArcelorMittal MT 18.18 1.10 ConagraBrands CAG 35.36 -0.34 Galapagos GLPG 123.54 -1.71 Amazon.com AMZN 3118.06 19.67 ArchCapital ACGL 34.55 0.56 Bill.comBILL 109.07 -5.90 CapitalOne COF 91.36 4.08 DraftKings DKNG 47.89 -0.14 iQIYI IQ 22.25 0.11 Ansys ANSS 320.12 6.70 ConchoRscs CXO 64.53 2.56 Gallagher AJG 116.42 1.01 Ambev ABEV 2.78 0.04 ArcherDaniels ADM 50.56 1.75 Bio-Techne TECH 302.82 -0.92 CardinalHealth CAH 53.97 1.68 Dropbox DBX 18.45 -0.67 iRhythmTechs IRTC 225.36 -10.91 ASETech ASX 5.23 -0.08 ConocoPhillips COP 44.41 1.70 Gaming&Leisure GLPI 42.65 0.13 Amcor AMCR 11.80 0.23 AresMgmt ARES 44.66 -0.09 Bio-RadLab A BIO 516.56 -38.42 Carlisle CSL 152.46 3.47 DukeEnergy DUK 96.26 2.93 IronMountain IRM 26.58 0.42 ASML ASML 424.27 -2.88 ConEd ED 78.38 0.81 s Gap GPS 26.87 0.81 Amdocs DOX 66.89 1.31 arGEN-X ARGX262.28 -6.72 Bio-RadLab B BIO.B 522.00 -35.15 Carlyle CG 28.70 0.94 DukeRealty DRE 37.98 -0.46 ItauUnibanco ITUB 5.57 0.22 AT&T T 29.23 0.61 s ConstBrands A STZ 207.80 6.22 Garmin GRMN 116.46 1.80 Amedisys AMED 231.30 -8.05 AristaNetworks ANET 272.31 3.85 Biogen BIIB 242.51 -0.87 CarMax KMX 96.04 -0.40 Dun&Bradstreet DNB 26.72 -0.41 AbbottLabs ABT 107.61 -1.66 s ConstBrands B STZ.B 207.14 7.94 Gartner IT 154.68 2.07 s Amerco UHAL 415.28 8.72 s ArrowElec ARW 93.81 3.79 BioMarinPharm BMRN 77.96 0.92 Carnival CCL 20.23 2.05 s Dunkin' DNKN 106.26 0.04 J K L s AbbVie ABBV 103.96 1.78 Cooper COO 325.46 -4.43 Generac GNRC 213.84 -5.79 Ameren AEE 79.07 -0.23 ArrowheadPharm ARWR 60.39 -7.81 BioNTech BNTX 101.87 -4.63 Carnival CUK 18.25 1.89 DuPont DD 65.84 2.25 Abiomed ABMD 265.67 -0.76 Copart CPRT 113.20 0.05 GeneralDynamics GD 153.67 3.65 JD.com JD 89.82 2.26 AmericaMovil AMX 14.39 0.24 AscendisPharma ASND159.28 0.80 BlackKnight BKI 91.09 0.02 CarrierGlobal CARR 39.37 0.60 Dynatrace DT 36.37 0.19 AcceleronPharma XLRN 114.09 0.53 s Corning GLW 37.50 0.87 GeneralElec GE 10.45 0.38 Joyy YY 88.73 0.23 AmericaMovil A AMOV 14.40 0.38 AspenTech AZPN 132.96 0.11 s BlackRock BLK 699.30 16.43 s Carvana CVNA 236.72 -3.36 ENI E 20.75 0.82 s Accenture ACN 250.00 3.80 s Corteva CTVA 38.90 1.11 GeneralMills GIS 60.57 -0.45 JPMorganChase JPM 123.32 5.45 AmerAirlines AAL 14.82 1.26 Assurant AIZ 136.08 0.75 Blackstone BX 59.83 0.72 CatalentCTLT 94.66 -5.14 EOG Rscs EOG 54.42 4.04 ActivisionBliz ATVI 75.23 -0.69 CoStar CSGP 869.91 -17.88 s GeneralMotors GM 46.46 1.69 JackHenry JKHY 157.13 -2.86 AEP AEP 84.82 1.41 AstraZeneca AZN 53.57 -1.13 Boeing BA 218.49 6.96 s Caterpillar CAT 176.90 2.12 EPAM Systems EPAM 315.46 -20.23 Adobe ADBE 462.70 2.09 Costco COST 384.22 2.51 Genmab GMAB 35.23 -0.81 s JacobsEngg J 107.53 3.02 AmerExpress AXP 120.39 4.30 Athene ATH 46.84 2.12 BookingHldgs BKNG 2103.45 83.61 s Celanese CE 137.44 3.05 s EastmanChem EMN 103.22 3.22 AdvanceAuto AAP 149.83 4.27 CoupaSoftware COUP 317.56 2.20 Genpact G 41.62 0.60 JamesHardie JHX 29.53 0.81 AmericanFin AFG 94.76 2.93 Atlassian TEAM 213.50 2.45 BoozAllen BAH 87.82 -0.04 s Cemex CX 4.88 0.26 s Eaton ETN 123.25 2.99 Credicorp BAP 146.39 10.03 Gentex GNTX 33.02 0.74 JazzPharma JAZZ 142.83 -1.48 AdvMicroDevices AMD 85.07 -0.24 AmHomes4Rent AMH 28.63 0.43 AtmosEnergy ATO 100.28 3.42 BorgWarner BWA 40.47 1.41 Centene CNC 63.39 -0.53 s EatonVance EV 68.70 1.63 CreditSuisse CS 13.02 0.50 GenuineParts GPC 101.16 4.04 J&J JNJ 143.87 ... 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JPO/(JNf -P.Q'0O/(j))O(GJNO Lone Star Bank 0.20 CFG Community Bank 0.73 QfQGO 0L0( *J)H) cDFC?A\Cb%4JQO ;*O)JPO/((. (713) 358-9400 (888) 205-8388 #''D%@@D@'@@ ,O*N.*0 i')^ *O+50( j/jGf)J)(.*O).G&O J))'O) -J0,*.&O ).N(h,Gj(N.*0Og, .N ZJ/j/QJjG#P&J_ State Bank of India California 0.15 Connexus Credit Union 0.71 AIIKAG63 HF/-0A03 1,G4 ).*) cDFBB@E>b%4JQO ;*O)JPO/(`!*OPJ(!.&O*_ (877) 707-1995 (800) 845-5025 ><@ +BN7&8 49CE .7;C (>( : A!&8L +&;$LE 6A "<'(' jLO(.iO*O),./)N.* ZJ*05) !*OPJ( 9J)H Sj/_ VirtualBank 0.10 BankDirect 0.70 222CA!!&BN?;HL97)B);15N=C?LO jLO0O/(.NOg,.)'*O) (. ,*J&j(OO+'J(fN'/P)` (877) 998-2265 (877) 839-2737 J/ jPPJ(J./ (. .(KO*NJ/5G J/)(J('(J./)`J/QGij/H)` i*.HO* POjGO*)` -*OjGO)(j(OJ/&O)(0O/() (*')() Two-month CD Two-year CD cDFBB@EEb%-#)).QJj(O` ;[Y# lO&OG.,O*(. Lone Star Bank 0.20 Connexus Credit Union 0.81 @&'7(& $"(!#& :*4&= JPO/(JNf (j)H) -*O),./)JiJGJ(JO)./";S ;OLj (713) 358-9400 (800) 845-5025 '&;("#)$+835/ *<&86&%6" ':13)!: W0,GO0O/(j(J./ cDFBEFDBb^#GG ,.)J(J./) *O+^ *OG State Bank of India California 0.15 Live Oak Bank 0.80 :*4#$:$%*:$!" =:@*:&%$&= POL*OO -].* Og,-].*)HJGG)^S'G(J,GO.,O/ ,.)J_ (J./) j( &j*J.'),*.N5GGO&OG)^ Z.*0.*OJ/N.-(. (877) 707-1995 (866) 518-0286 ,12(31 *"'"!-1 /)30+1 (. *0 %#$ .1, &1", j,,Gf./GJ/O` &J)J(K((,=]]hhh^0.*Lj/)(j/GOf^ VirtualBank 0.15 Goldwater Bank 0.80 Q.0]ji.'(]Qj*OO*)]Qj*OO*)Oj*QK^K(0G8Q*.GG (877) 998-2265 (480) 281-8200 P.h/ (. MV.J/.'* (Oj07KOjPJ/L -)Oj*QK N.* >DGBG)5BAAG5 /3B)DDB:*4B(7:B5 (KO)O.,,(JO)^R.QjGG) ,G)^ [<[ Three-month CD Five-year CD 8881-69,+.;2C?69+2,+<+9C,19+C BrioDirect 0.50 Connexus Credit Union 1.01 (877) 369-2746 (800) 845-5025 Goldwater Bank 0.35 Ally Bank 1.00 2-1) "'&1&- !.$-'&0-.& 3**,(&%.+&#/ Program Manager (480) 281-8200 (877) 247-2559 !$9&2"202-.'4(-01'%0174$97 4$#29.(271 NY,NY. Support international corporate strat- Lone Star Bank 0.25 First Internet Bank of Indiana 0.96 #9$#194, '% 32924$)2 2%, 720,'0',1 egyand business developmentworkacross (713) 358-9400 (888) 873-3424 J.P. Morgan Chasethrough financialanalysis. .'4( 4(1 '%41%4'$% $/ ,$20-'%) 4(1 Notes: Accounts are federally insured up to $250,000 per person. Yields are based on method of '%0174&1%4 $/ *++=4'%4(911 ,1297 Requires20% international travel formeetings. Forreqs&toapply,visit https://careers.jpmor- compounding and rate stated for the lowest required opening deposit to earn interest. CD (#)) &+! :$'9926=920 #* gan.com&applytojob #210047317. EOE, figures are for fixed rates only. MMA: Allows six (6) third-party transfers per month, three (3) of 096,0-=,>65> 471 (718+<471(#*+7< 71 AAE, M/F/D/V. JPMorgan Chase&Co. All which may be checks. Rates are subject to change. rightsreserved. www.jpmorganchase.com ©2020Dow Jones &Company, Inc. 8(#+) #* .+/!7(#<"*%&3!7( All Rights Reserved. Source: Bankrate.com, a publication of Bankrate, Inc., Palm Beach Gardens, FL 33410 Internet: www.bankrate.com P2JW330000-0-B00900-1------XA

THE WALL STREET JOURNAL. We dnesday, November 25, 2020 | B9

NEW HIGHS AND LOWS WSJ.com/newhighs

52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % 52-Wk % The following explanations apply to the NewYork Stock Exchange, NYSE Arca, NYSE American Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg and Nasdaq Stock Market stocksthathit anew 52-week intradayhigh or lowinthe latest session. %CHG-Daily percentage change from the previous trading session. Greenbrier GBX 36.23 4.9 MKS Instrum MKSI 139.06 -0.2 PrimorisSvcs PRIM 26.02 3.5 SwitchbackEner SBE.U 46.56 8.2 UMB Fin UMBF 72.76 3.9 XPEL XPEL 38.96 2.9 GreenPowerMotor GP 32.50 -8.6 MP Materials MP 24.17 18.2 PriorityTechn PRTH 5.00 19.3 SwitchbackEnerA SBE 42.30 8.2 USCellularNts2069 UZD 27.45 0.9 XPeng XPEV 74.49 -2.1 GreenroseAcqnWt GNRSW 0.66 18.1 MP Matls Wt MP.WS 8.10 10.3 PropertySolns PSACU 10.36 1.2 Synnex SNX 164.74 4.7 Uber UBER 52.15 2.4 YRC Worldwide YRCW 6.11 13.7 Tuesday, November 24, 2020 Greif A GEF 51.27 4.1 MSA Safety MSA 151.11 2.4 PublicStoragePfK PSApK 28.29 -0.2 Systemax SYX 31.97 2.7 UnionPacific UNP 211.14 0.6 YucaipaAcqn YAC.U 10.35 0.3 52-Wk % 52-Wk % 52-Wk % GriffinIndlRealty GRIF 71.50 8.8 MSC Industrial MSM 87.84 1.8 Pulmonx LUNG 53.24 4.8 TE Connectivity TEL 117.00 3.5 UnitedBancshares UBOH 25.29 7.5 ZaiLab ZLAB 107.97 1.4 GrowGeneration 34.45 4.5 MYR Group 52.09 3.5 PureStorage PSTG 20.00 0.4 Ternium TX 27.14 6.5 Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg Stock Sym Hi/Lo Chg GRWG MYRG UnitedRentals URI 240.26 5.1 ZaniteAcqn ZNTEU 10.12 0.5 HDFC Bank HDB 70.00 4.5 MagnaIntl MGA 63.58 3.6 QellAcqn QELLU 11.50 -1.1 TS Innovation TSIAU 10.02 0.2 USCopperIndex CPER 21.00 1.4 ZebraTech ZBRA 378.82 3.0 TTEC TTEC 66.98 2.1 BerkHathwy B BRK.B 234.99 1.9 DigitalRealtyPfdL DLRpL 27.78 -0.3 HF Ents HFEN 7.80 -0.3 Magnite MGNI 17.76 6.2 QellAcqnA QELL 11.60 0.6 UnitySoftware U 133.85 -0.3 Zendesk ZEN 129.33 1.3 22.00 4.3 TWC Tech II A TWCT 10.28 0.3 BetterWorldAcqn BWACU 10.25 -0.2 DixieGroup DXYN 2.38 10.4 HannonArmstrong HASI 54.62 3.6 MarathonPatent MARA 6.05 -0.2 QuanexBldg NX UnivDisplay OLED 224.22 0.8 ZionsBancorpPfdH ZIONN 26.29 0.3 Highs QuantaServices 70.92 2.5 Target TGT 179.84 0.2 Bilibili BILI 64.46 -0.8 dMY Tech DMYT.U 17.60 16.3 HarleyDavidson HOG 41.82 4.1 MarineMax HZO 35.22 0.6 PWR UtzBrands UTZ 20.50 3.0 Zumiez ZUMZ 38.39 1.9 QurateRetailA QRTEA 11.80 1.1 10xCapVenture VCVCU 10.01 0.1 AEA-BridgesA IMPX 9.66 0.1 BlackRock BLK 700.66 2.4 dMY TechWt DMYT.WS 3.99 17.1 HeartlandPfdB HTLFP 28.50 ... Matson MATX 62.00 3.3 UtzBrandsWt UTZ.WS 8.98 10.2 RH RH 448.31 -0.5 TenzingAcqn TZACU 13.57 15.1 AECOM ACM 52.83 0.9 BloomEnergy BE 25.87 13.3 dMY TechA DMYT 15.72 15.9 HeliosTechnologies HLIO 52.00 4.5 MaxLinear MXL 31.00 -0.3 VPCImpactWt VIHAW 0.75 11.9 Lows RMG Acqn RMG.U 13.21 6.6 Teradyne TER 109.50 0.7 Aaron's AAN 67.20 2.7 BluescapeOpps BOAC.U 10.05 0.1 dMYTechIII Un DMYI.U 10.25 0.1 HercHoldings HRI 64.22 4.7 Medifast MED 196.37 0.4 Vale VALE 14.04 6.2 RMG Acqn Wt RMG.WS 3.75 10.2 Terex TEX 33.49 3.8 Advaxis ADXS 0.26 -27.3 AbbVie ABBV 104.82 1.7 BostonOmaha BOMN 24.82 -1.1 DollarTree DLTR 112.78 14.1 HighCapeCapWt CAPAW 1.10 -10.0 MeritMedical MMSI 55.88 0.3 ValmontInds VMI 167.59 2.1 RMGAcqn RMG 12.24 5.1 Terminix TMX 51.52 -0.5 AspirCnsWt ASPL.WS 0.94 -1.1 Abercrombie&Fitch ANF 23.82 1.2 BoydGaming BYD 39.84 3.8 DoverMotorsports DVD 1.96 ... Hillenbrand HI 39.53 4.8 Methanex MEOH 41.92 6.2 Valvoline VVV 23.65 4.1 RadiantLogistics RLGT 6.00 5.6 Tesla TSLA 559.99 6.4 AtlasTech ATCX 4.99 0.1 AcaciaComms ACIA 69.83 0.2 BridgetownUn BTWNU 10.58 1.0 Dow DOW 58.18 3.2 HimaxTechs HIMX 6.19 -0.5 MicroStrategy MSTR 248.84 12.0 VectorAcqn VACQU 10.30 -0.9 Ranpak PACK 12.07 1.9 TigaAcquisitionUn TINV.U 10.20 1.6 Atrion ATRI 567.00 1.6 AcadiaHealthcare ACHC 44.75 -0.1 Brightcove BCOV 14.21 -5.0 Dunkin' DNKN 106.49 ... HondaMotor HMC 29.80 2.1 ModineMfg MOD 11.98 1.5 Veoneer VNE 21.25 7.8 Rapid7 RPD 73.51 1.0 Timken TKR 75.24 1.8 Datto MSP 25.64 -3.8 Accenture ACN 250.09 1.5 BrilliantAcqnWt BRLIW 0.36 17.9 elfBeauty ELF 22.46 1.0 HookerFurniture HOFT 32.00 4.8 MoneyGram MGI 8.93 -9.7 Veracyte VCYT 53.10 0.6 Accuray ARAY 4.70 3.2 HorizonGlobal HZN 7.50 1.1 MontesArchimedes MAACU 10.10 0.5 RayonierAdvMatls RYAM 7.17 28.1 TItanIntl TWI 5.69 4.4 FS Devt FSDC 9.80 -0.4 BrinkerIntl EAT 53.59 5.5 EVI Industries EVI 33.97 1.9 VesperHlthcrAcqn VSPRU 10.74 2.4 GenesisParkAcqnUn 9.98 0.1 Adient ADNT 32.97 8.9 HudbayMinerals HBM 6.38 5.1 MorganStanley MS 63.66 5.5 RechargeAcqn RCHGU 10.05 0.3 TitanMachinery TITN 19.42 2.2 GNPK.U BrookfieldFinNts BAMH 25.78 ... EasternBankshares EBC 14.78 1.4 VillageFarms VFF 9.84 2.2 HF Ents HFEN 6.01 -0.3 AdvEnergyInds AEIS 97.71 1.8 HuttigBuilding HBP 3.85 4.1 Mosaic MOS 23.19 12.9 RechargeAcqnWt RCHGW 1.10 ... Toro TTC 92.39 1.2 BrookfieldInfr BIPC 70.25 3.2 EastmanChem EMN 103.73 3.2 Vipshop VIPS 26.03 4.0 HPX Wt HPX.WS 0.64 -15.6 AeroVironment AVAV 89.34 3.6 IDT IDT 12.50 -2.4 MotionAcqnUn MOTNU 10.26 3.1 RegalBeloit RBC 124.82 ... TradeDesk TTD 858.73 0.5 Brunswick BC 78.92 -1.0 Eaton ETN 123.67 2.5 VisionMarineTech VMAR 17.20 44.4 Immunome IMNM 10.11 -3.0 AffiliatedMgrs AMG 91.62 5.1 IG Acqn Wt IGACW 0.91 14.8 MrCooper COOP 27.24 3.9 RelayTherap RLAY 57.59 0.5 TravelCenters TA 35.60 9.3 BuildersFirstSrc BLDR 37.26 0.8 EatonVance EV 68.75 2.4 Visteon VC 127.89 3.0 InMedPharm INM 3.02 -3.4 Affimed AFMD 5.24 0.4 IHS Markit INFO 95.05 ... MyersIndustries MYE 18.50 3.3 RelianceSteel RS 123.09 2.4 Trimble TRMB 61.09 2.8 Bunge BG 62.73 4.5 EidosTherap EIDX 86.34 1.1 TrinityBiotech 4.14 7.9 WabashNational WNC 18.70 4.1 JamfHolding JAMF 29.99 -0.1 AgilentTechs A 118.96 2.2 II-VI 6% Pfd IIVIP 287.55 0.8 NGM Biopharm NGM 24.54 -4.5 Rent-A-Center RCII 36.822.9 TRIB BurgundyTechWt BTAQW 0.80 13.7 ElementSolns ESI 14.30 6.2 Trinseo TSE 41.65 4.0 Walker&Dunlop WD 84.52 2.7 KelsoTechs KIQ 0.45 0.8 AirTransportSvcs ATSG 31.27 4.8 II-VI IIVI 67.63 0.8 NIO NIO 57.20 -3.4 ResoluteForest RFP 5.87 4.0 CFFinAcqnIII CFACU 10.20 0.4 EllingtonResiMtg EARN 12.52 3.4 TritonIntl TRTN 47.00 -0.5 WattsWater WTS 120.53 3.2 KiromicBiopharma KRBP 8.01 -4.1 AjaxI AJAX.U 10.57 0.2 InsuAcqnII INAQU 12.13 12.7 NXP Semi NXPI 158.62 1.6 RetractableTechs RVP 14.40 4.8 C4 Therap CCCC 34.30 13.5 EmersonElec EMR 80.19 2.8 TritonIntlPfdD TRTNpD 25.88 ... WellsFargoPfdAA WFCpA 25.64 -0.1 Leslie's LESL 19.15 -3.8 AlamoGroup ALG 145.35 3.1 INSU Acqn II A INAQ 12.58 14.8 Natuzzi NTZ 8.50 17.1 Rexnord RXN 39.54 3.7 CIIG MergerWt CIICW 7.99 3.5 Empower EMPW.U 10.03 -0.4 TruistFinlPfdR TFCpR 27.16 -0.4 WescoPfdA WCCpA 30.58 0.3 MinisoGroup MNSO 17.98 -1.9 AlaskaCommSys ALSK 3.20 ... INSU Acqn II Wt INAQW 3.15 87.5 NaviosMaritime NMCI 2.73 -1.2 RibbonComms RBBN 6.46 4.5 CIIG Merger CIIC 33.50 6.8 EnergyRecovery ERII 11.23 2.6 Trupanion TRUP 99.25 -0.5 WescoIntl WCC 68.16 4.7 MaravaiLifeSci MRVI 25.56 -9.3 Albemarle ALB 137.71 2.4 ITT ITT 76.17 4.2 NeoGenomics NEO 46.43 -1.2 RiceAcqn RICE.U 10.35 0.7 CIIGMergerUn CIICU 37.00 6.3 ENGlobal ENG 4.32 38.2 Tuniu TOUR 3.26 21.4 WestportFuelSys WPRT 4.04 1.6 NeoGames NGMS 18.67 0.8 AlbertonAcqnWt ALACW 0.55 20.5 IdealPower IPWR 11.74 -3.2 NewBeginnings NBA.U 10.30 0.5 RioTinto RIO 67.91 3.5 CIT PfdB CITpB 27.08 1.3 EnphaseEnergy ENPH 138.70 1.2 RiotBlockchain 7.60 -5.8 Tupperware TUP 37.41 1.0 WestRock WRK 45.58 5.4 QualigenTherap QLGN 3.16 -1.2 AllscriptsHlthcr MDRX 14.37 3.9 Ideanomics IDEX 4.75 20.2 NewAge NBEV 3.45 5.6 RIOT CITICCapAcqn CCAC.U 11.00 2.6 EnPro NPO 74.31 3.1 RobertHalf RHI 67.23 2.2 Tuscan THCB 12.70 5.1 WheelerREITPfdD WHLRD 16.73 3.3 RechargeAcqnWt RCHGW 0.81 ... Alpha&OmegaSem AOSL 26.66 -2.9 iHuman IH 31.58 -11.9 NewbornAcqn NBACU 19.02 10.4 CITICCapAcqnA CCAC 10.61 1.0 EnsignGroup ENSG 72.34 1.3 Rogers ROG 156.85 3.4 TuscanWt THCBW 2.19 6.9 WideOpenWest WOW 8.22 7.5 Roman DBDR A DBDR 9.45 1.2 AlticeUSA ATUS 35.47 -1.3 Infr&EnerAltWt IEAWW 2.20 -6.1 NewbornAcqn NBAC 12.50 7.7 CMFinNts2023 CMFNL 26.00 4.4 EosEnergyWt EOSEW 4.75 -15.4 Roku ROKU 284.00 -1.3 TuscanHldgsII THCA 10.44 0.9 Williams-Sonoma WSM 114.65 0.3 Root ROOT 16.59 -1.7 AltimarAcqn ATAC.U 10.10 0.5 Infr&EnerAltern IEA 14.47 -0.2 NewbornAcqnRt NBACR 1.05 26.7 CNO Financial CNO 22.65 4.9 EosEnergy EOSE 16.28 -8.5 RothCHAcqnI ROCH 10.72 -0.2 TuscanIIWt THCAW 0.94 16.7 Workiva WK 74.88 0.5 Senseonics SENS 0.35 -0.8 AltraIndlMotion AIMC 58.00 5.9 InfuSystems INFU 16.00 4.4 NewbornAcqnWt NBACW 2.77 19.4 Conx CONXU 10.05 ... EquityDistrWt EQD.WS 1.55 39.1 RoyalBkCanada RY 82.88 2.6 UBS Group UBS 14.78 4.0 WorldAcceptance WRLD 117.24 6.3 10xCapVenture VCVCU 9.94 0.1 AlumofChina ACH 9.28 10.8 IngersollRand IR 45.58 2.2 NewellBrands NWL 21.60 4.6 CRH CRH 41.94 6.1 EucratesBio EUCRU 10.10 0.1 RushEnt B RUSHB 37.10 4.2 Ambarella AMBA 77.31 15.3 InnovativeIndPfdA IIPRpA 33.00 0.4 NewsCorp A NWSA 18.27 1.5 CSW Industrials CSWI 115.70 3.9 EvercoreA EVR 94.66 2.3 RushEnt A RUSHA 40.46 3.1 Amerco UHAL 418.79 2.1 InsightEnt NSIT 73.88 3.0 NewsCorp B NWS 18.33 1.3 CTS CTS 33.01 3.2 Evertec EVTC 38.59 2.4 RyderSystem R 60.96 3.2 Ameresco AMRC 47.000.2 InspireMedical INSP 186.92 0.2 NexPointPfdA NREFpA 26.00 2.1 Cango CANG 14.00 12.6 EvolentHealth EVH 14.90 2.3 SGOCO Group SGOC 1.49 3.4 AmerEagle AEO 18.82 -2.1 IntlPaper IP 51.99 3.7 NextGenAcqn NGACU 9.98 -0.3 CanopyGrowth CGC 27.70 9.1 FARO Tech FARO 68.203.4 SMTC SMTX 4.96 0.6 Dividend Changes AmerSupercond AMSC 18.83 4.4 InterPrivate IPV 10.67 ... Norbord OSB 38.98 3.6 CapitalOnePfdJ COFpJ 25.25 0.2 FastAcqn FST.U 10.30 0.1 SPS Commerce SPSC 99.70 -0.2 Ameriprise AMP 193.19 4.8 InterPrivate IPV.U 11.39 1.7 NorthernGenesis NGA.U 13.39 0.6 CapstoneTurbine CPST 7.80 5.3 FG NewAmerica FGNA.U 10.25 -0.2 SS&C Tech SSNC 69.98 0.9 Ametek AME 121.69 2.9 InterPrivateWt IPV.WS 1.67 7.7 NorthernGenesis NGA 11.88 2.0 CardiffOncology CRDF 20.63 2.2 FGNewAmericaWt FGNA.WS 0.98 20.8 SVB Fin SIVB 363.10 3.7 Dividend announcements from November 24. Amphenol APH 131.49 2.5 InterstateP&LPfdD IPLDP 26.62 0.1 NuanceComms NUAN 42.60 -1.9 Carvana CVNA 246.10 -1.4 FMC FMC 119.27 1.9 Sabre6.5%Pfd SABRP 148.75 6.5 Anaplan 69.50 8.0 InvestorsTitle ITIC 194.26 2.9 NurixTherap NRIX 41.82 3.6 PLAN Caterpillar CAT 178.32 1.2 FalconCapA FCAC 10.62 0.2 SchnitzerSteel SCHN 27.37 5.3 Amount Payable / IridiumComm 32.95 1.2 Orbcomm 6.59 -4.3 ApellisPharm APLS 49.42 -0.5 Celanese CE 138.31 2.3 Farfetch FTCH 52.67 2.4 IRDM ORBC SealedAir SEE 46.08 2.8 Company Symbol Yld %New/Old Frq Record ApexTechAcqn APXTU 17.33 10.4 CelldexTherap CLDX 22.79 4.7 FateTherap FATE 56.52 1.8 JacobsEngg J 109.46 2.9 OasisPetrol OAS 33.22 2.1 ServisFirstBcshs SFBS 41.33 4.8 Aphria APHA 6.90 7.7 Cellectis CLLS 23.25 2.0 FedEx FDX 296.08 1.9 JanusHenderson JHG 29.45 4.6 OceanPwrTech OPTT 4.46 39.2 ShattuckLabs STTK 35.82 -1.3 Increased ApolloStratGr APSG.U 10.10 0.5 Cemex CX 4.91 5.6 FiatChrysler FCAU 15.71 2.8 JumiaTech JMIA 33.42 0.9 OcularTherapeutix OCUL 15.87 3.3 Shift4Paymts FOUR 65.40 4.7 McCormick & Co MKC 1.5 .34 /.31 Q Jan11 /Dec31 ApolloStratGrA APSG 10.33 1.0 Cerence CRNC 88.28 4.4 FirstFoundation FFWM 20.24 8.1 KLA KLAC 251.70 ... Olin OLN 23.66 3.6 SignetJewelers SIG 32.22 1.3 MKC.V Appian APPN 139.75 -3.1 ChartIndustries GTLS 109.26 2.2 Flex FLEX 17.002.8 KandiTech KNDI 17.45 -3.3 Omnicell OMCL 108.32 0.8 SilvergateCapital SI 38.37 3.8 McCormick Vtg 1.5 .34 /.31 Q Jan11 /Dec31 AppliedIndlTechs AIT 82.43 3.3 Chemours CC 26.07 8.2 FoleyTrasII Wt BFT.WS 1.91 3.6 KenonHoldings KEN 27.10 1.7 Omnichannel OCA.U 10.00 0.3 SiyataMobile SYTA 7.80 21.2 South Jersey Indus SJI 4.8 .3025 /.295 Q Dec29 /Dec10 ApplMaterials 83.14 3.0 Kforce KFRC 42.84 3.8 ON Semi ON 29.06 0.7 AMAT Chindata CD 17.88 13.7 FormFactor FORM 41.44 0.8 SmithAO AOS 58.66 0.8 York Water YORW 1.6 .1874 /.1802 Q Jan15 /Dec31 AptivPfdA APTVpA 147.01 3.6 CitiTrends CTRN 33.75 1.7 FortressValueII FAII 10.11 0.2 KingswoodAcqn KWAC.U 10.10 ... OntoInnovation ONTO 45.10 3.4 Smith-Midland SMID 8.30 2.8 Aptiv APTV 122.07 4.3 CleanEnerFuels CLNE 5.25 1.8 ForwardAir FWRD 78.41 3.4 KinsaleCapital KNSL 236.83 1.9 Oppenheimer A OPY 30.32 3.4 SnapOn SNA 180.70 1.7 Reduced ArcBest ARCB 42.79 11.8 Cleveland-Cliffs CLF 11.10 9.3 Franchise7.5%PfdA FRGAP 25.55 0.2 Kirkland's KIRK 14.96 0.3 OrbitalEnergy OEG 2.25 -26.2 SOQUIMICH SQM 48.40 1.7 ArcelorMittalNts MTCN 44.58 6.0 ClimateChgI CLII.U 10.40 0.5 FranklinElec FELE 70.20 2.9 KontoorBrands KTB 44.88 1.1 OrionEnergySys OESX 10.12 6.1 SoftwareII A SAII 9.80 0.2 United Fire Group UFCS 2.5 .15 /.33 Q Dec18 /Dec04 Arcosa ACA 57.26 2.2 ClimateChgCrisWt CLII.WS 1.50 11.5 FreedomHolding FRHC 36.49 -1.2 KronosBio KRON 39.60 0.4 OspreyTechA SFTW 10.39 1.0 SNE 91.55 1.1 ArrayTech ARRY 50.99 2.4 CognizantTech CTSH 78.77 2.0 FreeportMcM FCX 23.25 5.5 LCI Inds LCII 134.75 1.4 OtisWorldwide OTIS 68.04 0.2 SoteraHealth SHC 29.00 -3.4 Stocks ArrowElec ARW 94.37 4.2 Comcast A 52.49 5.1 FrequencyTherap 29.71 -4.7 LGL Systems Un DFNS.U 11.52 4.7 OzonHoldings OZON 43.50 33.9 CMCSA FREQ SoCopper SCCO 59.99 2.3 VEREIT VER 1:5 /Dec18 AsiaPacificWire APWC 2.90 -7.8 CiaSiderurgica SID 4.20 7.1 FrontYardRes RESI 16.50 0.8 LSI Inds LYTS 8.46 4.4 PMV Consumer PMVC.U 10.06 0.5 SpectrumBrands SPB 68.92 4.0 AssdBancPfdD ASBpD 26.36 ... ConstBrands B STZ.B 207.14 4.0 FuelTech FTEK 7.04 114.2 LamResearch LRCX 451.12 -0.5 POSCO PKX 56.47 2.4 SpringValleyAcqn SVSVU 10.05 ... Foreign AteaPharm AVIR 36.65 1.6 ConstBrands A STZ 208.66 3.1 FuelCell FCEL 11.31 -10.3 Lear LEA 151.00 4.7 PRGX Global PRGX 7.13 0.1 StanleyB&D Un SWT 116.17 -0.2 AtlStreetAcqn ASAQ.U 10.00 -0.2 CooperT&R CTB 42.32 1.3 FullerHB FUL 55.28 2.9 LeMaitreVascular LMAT 41.35 5.9 PTC PTC 104.12 0.7 StanleyBlackDck SWK 195.00 -0.1 Aspen Ins 5.625% Pfd. AHLpD 5.3 .3516 Q Jan01 /Dec15 AuroraMobile JG 5.43 1.4 Corning GLW 37.59 2.4 FultonFinlPfdA FULTP 26.60 ... LiAuto LI 47.70 0.7 PTK Acqn Wt PTK.WS 0.72 8.1 StrPeakEnerA STPK 10.07 0.1 Aspen Ins 5.95% Pfd. AHLpC 5.5 .3719 Q Jan01 /Dec15 Autoliv ALV 94.28 4.4 CorsairGaming CRSR 51.37 13.1 GFLEnvironmental GFL 26.98 -1.2 LifeSciAcqn LSAC 16.95 -2.8 PactivEvergreen PTVE 16.40 3.5 StateStreetPfdG STTpG 29.67 0.5 Aspen Ins Pfd. AHLpE 5.4 .35156 Q Jan01 /Dec15 AvantiAcqnA AVAN 9.90 2.1 Corteva CTVA 39.01 2.9 GFL Env Un GFLU 65.90 -1.2 LifetimeBrands LCUT 14.47 -0.8 PagSeguroDig PAGS 46.86 6.0 SteelDynamics STLD 38.64 6.5 AvantiAcqnWt AVAN.WS 0.90 17.3 Cowen COWN 24.85 1.2 GabelliEqPfdG GABpG 25.76 -0.2 LightspeedPos LSPD 49.70 -1.4 PalantirTech PLTR 24.27 13.2 SterlingBncpPfdA STLpA 27.60 0.5 Phoenix New Media ADR FENG ... 1.3712 Dec22 /Dec04 AviatNetworks AVNW 35.00 4.4 Cree CREE 91.04 0.9 GabelliEquityPfdK GABpK 27.18 0.2 LionheartAcqnII LCAP 9.99 0.2 PaloAltoNtwks PANW 297.41 0.4 StifelFinlPfdC SFpC 27.74 0.6 Telefonica Brasil ADR VIVw 7.5 .0443 Nov30 / Avient 38.54 5.6 LithiaMotors LAD 310.57 5.3 ParTechnology PAR 55.77 0.6 AVNT Criteo CRTO 19.32 1.5 Gap GPS 26.99 3.1 StifelFinancial SF 72.90 4.5 Tsakos Energy Navigation TNP 2.7 .125 SA Dec22 /Dec16 AxonEnterprise AAXN 130.41 0.8 Crocs CROX 63.74 -3.7 GeneralMotors GM 46.71 3.8 Littelfuse LFUS 244.27 2.6 ParkNational PRK 109.78 4.5 StitchFix SFIX 39.95 4.4 AxosFinancial AX 35.51 4.8 CrownCrafts CRWS 7.62 1.5 GenerationBio GBIO 38.00 7.1 Livent LTHM 16.64 -4.6 ParkerHannifin PH 280.29 2.9 StoneCo STNE 74.05 -1.1 AzurePowerGlbl AZRE 33.93 2.5 CustomersBncpPfdD CUBIpD 26.47 1.6 GenesisParkAcqnUn GNPK.U 10.02 0.1 LongviewAcqn LGVW.U 18.4518.8 PartyCity PRTY 5.10 6.8 StoneX SNEX 62.60 1.1 Special BCTG Acqn BCTG 11.72 4.1 DPCM Capital XPOA.U 10.16 0.5 Gentherm THRM 57.81 3.0 LongviewAcqnA LGVW 17.2019.5 PeridotAcqn PDAC.U 10.40 0.8 Strattec STRT 38.15 -0.3 Mannatech MTEX 3.7 1.00 Dec30 /Dec16 BMC Stock BMCH 48.71 0.8 DPW DPW 10.94 -12.2 GigCapital3Un GIK.U 12.70 0.4 LongviewAcqnWt LGVW.WS 4.29 22.5 PeridotAcqnWt PDAC.WS 1.41 0.7 Stryker SYK 242.51 3.1 B RileyFin RILY 35.67 5.1 DadaNexus DADA 56.91 -7.7 GlobusMedical GMED 60.17 2.4 LouisianaPacific LPX 35.92 -0.8 PiperSandler PIPR 97.89 4.6 SunnovaEnergy NOVA 41.51 4.1 KEY: A: annual; M: monthly; Q: quarterly; r: revised; SA: semiannual; S2:1: stock split and ratio; SO: Bally's BALY 49.80 1.0 DeerfieldWt DFHTW 2.75 19.1 Goldfield GV 6.99 63.2 LumberLiqu LL 30.96 3.4 PlugPower PLUG 28.70 -0.6 SunPower SPWR 23.32 4.8 BkofAmericaPfdNN BACpO 26.06 0.2 DeutscheBank DB 11.51 3.8 GreenBrickPtrs GRBK 25.05 -4.4 Lydall LDL 27.77 8.5 PriceSmart PSMT 83.37 2.7 SwitchbackEnerWt SBE.WS 16.92 0.7 spin-off.

Biggest 1,000 Stocks | WSJ.com/stocks Net Net Net Net Net Net Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Stock Sym Close Chg Continued From Page B8 Net Net Stock Sym Close Chg Stock Sym Close Chg s PalantirTech PLTR 23.82 2.78 RealtyIncome O 61.84 0.95 ServiceNow NOW 514.69 -7.42 Telus TU 19.15 0.31 s Uber UBER 51.26 1.22 Walmart WMT 151.36 0.43 Net s PaloAltoNtwks PANW 297.17 1.13 RegencyCtrs REG 48.79 0.33 ShawComm B SJR 17.70 0.27 TJX TJX 64.33 2.53 Ubiquiti UI 246.36 2.19 WarnerMusic WMG 29.25 1.24 Stock Sym Close Chg MetLife MET 48.67 1.50 NextEraEnergy NEE 74.98 0.41 s ParkerHannifin PH 279.86 7.95 RegenPharm REGN 506.10 -17.51 SherwinWilliams SHW 735.29 1.16 T-MobileUS TMUS 128.06 0.18 UltaBeauty ULTA 284.71 1.84 WasteConnections WCN 104.89 -1.02 EliLilly LLY 144.90 1.52 MettlerToledo MTD 1126.96 -11.72 Nike NKE 134.70 0.57 Paychex PAYX 93.73 1.76 RegionsFin RF 16.09 0.70 ShinhanFin SHG 31.10 0.54 TRowePrice TROW 143.94 4.57 UltragenyxPharm RARE 118.88 4.19 WasteMgt WM 120.43 0.32 LincolnNational LNC 50.91 4.32 MicrochipTech MCHP 133.56 1.94 Nikola NKLA 34.50 5.09 PaycomSoftware PAYC 400.48 -2.01 ReinsGrp RGA 124.76 5.00 Shopify SHOP 971.24 -8.77 TaiwanSemi TSM 96.64 -1.49 UnderArmour C UA 14.93 0.43 Waters WAT 232.25 3.76 Linde LIN 256.16 4.02 MicronTech MU 63.95 -0.23 NiSource NI 24.94 0.63 Paylocity PCTY 193.70 -1.45 s RelianceSteel RS 122.65 2.83 Sibanye-Stillwater SBSW 12.89 -0.22 TakeTwoSoftware TTWO 169.83 -1.36 UnderArmour A UAA 17.01 0.47 Watsco WSO 227.57 -8.20 s LithiaMotors LAD 308.63 15.57 Microsoft MSFT 213.86 3.75 NOK 4.07 0.10 PayPal PYPL 206.00 5.18 RenaissanceRe RNR 174.95 2.00 SimonProperty SPG 88.79 3.38 TakedaPharm TAK 17.61 ... Unilever UN 57.88 -0.06 Watsco B WSOB230.39 -1.61 LiveNationEnt LYV 69.31 1.01 MidAmApt MAA 125.88 2.11 NomuraHoldings NMR 5.14 0.14 Pegasystems PEGA 128.29 -1.23 Repligen RGEN 179.15 -6.72 SiriusXM SIRI 6.55 -0.01 Tapestry TPR 30.12 1.25 Unilever UL 58.11 -0.14 Wayfair W 241.73 -14.66 s LloydsBanking LYG 2.09 0.16 Middleby MIDD 139.02 2.01 Nordson NDSN 204.53 3.03 Peloton PTON 105.42 -6.63 RepublicSvcs RSG 97.78 ... Skyworks SWKS 138.85 0.82 Target TGT 177.86 0.30 s UnionPacific UNP 208.70 1.31 Weibo WB 44.45 -0.06 LockheedMartin LMT 378.48 7.63 MiratiTherap MRTX 223.41 -1.59 NorfolkSouthern NSC 242.52 -0.33 PembinaPipeline PBA 26.50 1.21 ResMed RMD 206.53 -3.04 SlackTech WORK 29.58 -0.35 TataMotors TTM 11.70 0.24 UnitedAirlines UAL 44.96 4.03 WellsFargo WFC 28.61 2.31 Loews L 44.89 1.42 MitsubishiUFJ MUFG 4.62 0.04 NorthernTrust NTRS 97.61 4.05 PennNational PENN 73.27 1.28 RestaurantBrands QSR 60.09 0.94 s SmithAO AOS 57.96 0.47 TeckRscsB TECK 15.81 0.45 UnitedMicro UMC 6.68 -0.27 Welltower WELL 65.47 1.79 LogitechIntl LOGI 82.55 1.10 MizuhoFin MFG 2.80 0.01 NorthropGrum NOC 309.98 3.49 Pentair PNR 54.09 0.82 RingCentral RNG 282.82 -5.42 Smith&Nephew SNN 38.25 -0.06 TeladocHealth TDOC 186.42 -7.59 UPS B UPS 172.69 6.09 WestPharmSvcs WST 267.71 -8.01 s Lowe's LOW 154.96 1.29 MobileTeleSys MBT 8.26 -0.10 NortonLifeLock NLOK 18.22 -0.07 PenumbraPEN 234.18 -20.53 RioTinto RIO 67.65 2.27 Smucker SJM 117.79 1.74 TeledyneTech TDY 392.33 8.47 s UnitedRentals URI 237.91 11.60 WesternDigital WDC 45.84 1.36 RitchieBros RBA 66.36 1.31 Teleflex TFX 381.62 8.48 LufaxHolding LU 13.93 -1.03 Moderna MRNA 98.56 -2.47 NVS 88.30 0.99 PepsiCo PEP 144.03 1.01 Snap SNAP 44.29 -0.97 US Bancorp USB 45.40 2.31 WesternUnion WU 22.43 1.09 s RobertHalf RHI 66.52 1.45 ERIC 12.19 0.14 lululemon LULU 349.55 1.02 MohawkInds MHK 134.86 4.36 NovoNordisk NVO 65.92 -1.48 PerkinElmer PKI 127.07 -0.75 s SnapOn SNA 179.06 3.03 UnitedHealth UNH 336.01 0.95 WestlakeChem WLK 79.61 3.54 RocketCos. 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M N MongoDB MDB 264.60 -0.75 NVIDIA NVDA 518.31 -7.29 PhilipMorris PM 78.02 1.39 s Sony SNE 90.80 1.01 VF VFC 88.75 2.20 Whirlpool WHR 200.22 1.54 RoperTech ROP 418.53 12.81 s Teradyne TER 108.99 0.77 MonolithicPower MPWR304.69 -14.21 Phillips66 PSX 67.72 1.88 Southern SO 61.19 0.74 VICI Prop VICI 26.11 0.02 Williams WMB 21.96 0.68 M&T Bank MTB 123.67 4.83 RossStores ROST 113.41 5.23 s Tesla TSLA 555.38 33.53 MonsterBev MNST 84.19 0.12 O P Q Pinduoduo PDD 143.94 2.89 s SoCopper SCCO 59.51 1.36 VailResorts MTN 286.54 10.68 s Williams-Sonoma WSM 112.96 0.38 MGMGrowthProp MGP 30.83 0.12 s RoyalBkCanada RY 82.85 2.13 TevaPharm TEVA 9.86 0.25 Moody's MCO 271.58 0.74 PinnacleWest PNW 85.78 1.30 SouthwestAir LUV 48.25 1.44 s Vale VALE 14.01 0.82 WillisTowers WLTW 209.00 5.08 MGM Resorts MGM 28.45 2.30 OGE Energy OGE 34.76 0.69 RoyalCaribbean RCL 81.63 5.85 Pinterest PINS 64.03 -1.76 Splunk SPLK 198.49 0.38 TexasInstruments TXN 159.35 1.93 ValeroEnergy VLO 58.49 2.40 Wipro WIT s MorganStanley 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s MagnaIntl MGA 63.34 2.20 Okta OKTA 229.52 1.69 Ryanair RYAAY 105.93 0.31 Tiffany TIF 131.51 0.03 s PrincipalFin PFG 52.60 1.96 StateStreet STT 73.42 2.86 VeriskAnalytics VRSK 194.48 -3.64 XP XP 42.00 1.23 ManulifeFin MFC 17.38 0.78 NIO NIO 53.51 -1.87 OldDomFreight ODFL 203.47 1.23 SAP SAP 116.80 -0.59 s Toro TTC 91.96 1.09 Procter&Gamble PG 138.31 -0.45 s SteelDynamics STLD 38.63 2.37 Verizon VZ 60.64 0.41 XPO Logistics XPO 105.86 5.18 MarathonPetrol MPC 42.45 1.23 NRG Energy NRG 31.78 0.97 OmegaHealthcare OHI 36.79 2.04 S&P Global SPGI 334.21 -2.24 TorontoDomBk TD 54.80 1.45 Progressive PGR 88.63 -4.30 Steris STE 190.63 1.54 VertxPharm VRTX 216.50 -1.37 XcelEnergy XEL 68.14 -0.22 t MaravaiLifeSci MRVI 26.29 -2.71 NVR NVR 4162.03 -32.55 Omnicom OMC 64.44 3.34 SBA Comm SBAC279.89 -6.38 Total TOT 45.51 2.13 s Prologis PLD 98.81 -0.75 STMicroelec STM 37.54 0.03 ViacomCBS A VIACA 35.67 -0.33 Xilinx XLNX 133.22 -0.08 Markel MKL 1027.49 28.60 NXP Semi NXPI 158.47 2.56 s ON Semi ON 28.61 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ZBH 151.08 4.84 MedicalProp MPW 19.79 0.37 NYTimes A NYT 41.19 0.19 PRA HealthSci PRAH 111.08 ... RELX RELX 23.45 -0.14 Seagen SGEN 164.63 -3.44 T U V TylerTech TYL 410.85 -2.67 WEX WEX 184.70 3.63 Zoetis ZTS 161.06 -3.28 MDT 114.06 3.09 s NewellBrands NWL 21.46 0.95 s PTC PTC 103.91 0.72 s RH RH 438.60 -2.08 s SealedAir SEE 45.95 1.25 TysonFoods TSN 64.80 1.67 W.P.Carey WPC 71.58 1.87 ZoomVideo ZM 427.55 -2.73 MelcoResorts MLCO 19.09 0.83 Newmont NEM 56.87 -1.81 Paccar PCAR 90.41 0.85 RPM RPM 88.67 -0.25 SempraEnergy SRE 132.31 1.27 TAL Education TAL 73.80 0.44 s UBS Group UBS 14.76 0.56 WPP WPP 50.62 1.67 ZoomInfoTech ZI 46.75 2.10 MercadoLibre MELI 1439.28 -12.49 s NewsCorp A NWSA 18.17 0.27 PackagingCpAm PKG 134.60 3.13 RaymondJames RJF 93.96 3.48 SensataTechs ST 51.25 1.86 TC Energy TRP 45.02 1.31 UDR UDR 40.14 0.47 Wabtec WAB 76.21 2.66 Zscaler ZS 141.19 -1.85 Merck MRK 80.14 -0.14 s NewsCorp B NWS 18.18 0.24 s PagSeguroDig PAGS 46.62 2.62 RaytheonTech RTX 74.36 1.72 ServiceCorp SCI 49.44 -0.29 s TE Connectivity TEL 116.93 3.96 UGI UGI 38.06 1.52 WalgreensBoots WBA 38.52 0.54 Zynga ZNGA 8.00 -0.22

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B10 | We dnesday, November 25, 2020 THE WALL STREET JOURNAL. MARKETS DIGEST

EQUITIES

Dow Jones Industrial Average S&P 500 Index Nasdaq Composite Index Last Year ago Last Year ago Last Year ago 30046.24 s454.97, or 1.54% Trailing P/E ratio 29.82 20.93 3635.41 s57.82, or 1.62% Trailing P/E ratio * 40.73 24.16 12036.79 s 156.15, or 1.31% Trailing P/E ratio *† 37.74 25.77 High, low, open and close for each P/E estimate * 24.15 18.52 High, low, open and close for each P/E estimate * 25.51 18.93 High, low, open and close for each P/E estimate *† 31.17 22.65 trading day of the past three months. Dividend yield 2.04 2.23 trading day of the past three months. Dividend yield * 1.69 1.87 trading day of the past three months. Dividend yield *† 0.74 0.98 All-time high 30046.24, 11/24/20 All-time high 3635.41, 11/24/20 All-time high: 12056.44, 09/02/20

Current divisor 0.15198707565833 31700 3750 12300

Session high DOWN UP 30500 3625 11900 Session open Close t

Close Open t 29300 3500 11500 Session low

28100 3375 11100

26900 3250 65-day moving average 10700 65-day moving average 65-day moving average 25700 3125 10300

Bars measure the point change from session's open 24500 3000 9900 Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov. Aug. Sept. Oct. Nov. *Weekly P/E data based on as-reported earnings from Birinyi Associates Inc.; †Based on Nasdaq-100 Index Major U.S. Stock-Market Indexes Late Trading Trading Diary

Latest 52-Week % chg Most-active and biggest movers among NYSE, NYSE Arca, NYSE Amer. Volume, Advancers, Decliners High Low Close Net chg % chg High Low % chg YTD 3-yr. ann. and Nasdaq issues from 4p.m. to 6p.m. ET as reported by electronic NYSE NYSE Amer. Dow Jones trading services, securities dealers and regional exchanges. Minimum Total volume*1,197,797,723 28,337,364 Industrial Average 30116.51 29746.11 30046.24 454.97 1.54 30046.24 18591.93 6.8 5.3 8.4 share price of $2 and minimum after-hours volume of 50,000 shares. Adv. volume* 978,523,795 10,778,185 Transportation Avg 12772.74 12525.38 12715.38 291.27 2.34 12715.38 6703.63 15.9 16.6 9.7 Most-active issues in late trading Decl. volume* 211,234,785 16,899,622 Utility Average 886.55 876.51 882.62 9.61 1.10 960.89 610.89 3.6 0.4 5.2 Volume After Hours Issues traded 3,208 281 Company Symbol (000) Last Net chg % chg High Low Total Stock Market 37747.44 37293.28 37689.39 581.30 1.57 37689.39 22462.76 17.2 14.1 11.8 Advances 2,376 170 iShares Russell 2000 ETF IWM 4,842.4 184.56 0.34 0.18 184.73 184.13 Barron's 400 815.42 806.01 813.45 11.13 1.39 813.45 455.11 13.5 11.1 5.3 Declines 760 102 SPDR S&P 500 SPY 4,790.3 363.76 0.54 0.15 363.94 363.10 Unchanged 72 9 Micron Technology MU Nasdaq Stock Market 4,711.4 63.75 -0.20 -0.31 64.08 63.75 New highs 286 9 Nasdaq Composite 12049.88 11863.45 12036.79 156.15 1.31 12056.44 6860.67 39.2 34.2 20.4 Playa Hotels Resorts PLYA 4,501.9 5.07 0.070 1.40 5.08 4.98 New lows 42 Nasdaq 100 12094.16 11878.31 12079.81 173.87 1.46 12420.54 6994.29 44.1 38.3 23.5 9F ADR JFU 4,203.2 2.10 0.33 18.64 2.48 1.69 Closing Arms† 0.72 2.35 VanEck Vectors Gold Miner GDX 3,410.2 33.41 -0.010 -0.03 33.46 33.33 S&P Block trades* 7,267 238 Barrick Gold GOLD 3,174.5 22.80 0.01 0.04 22.85 22.61 500 Index 3642.31 3594.52 3635.41 57.82 1.62 3635.41 2237.40 15.8 12.5 11.8 Nasdaq NYSE Arca Infosys ADR INFY 3,158.8 15.55 0.02 0.13 15.55 15.52 MidCap 400 2223.52 2197.32 2217.84 36.24 1.66 2217.84 1218.55 9.9 7.5 6.1 Total volume*6,274,245,256 255,422,919 SmallCap 600 1074.50 1053.31 1069.41 26.38 2.53 1069.41 595.67 7.4 4.7 4.9 Percentage gainers… Adv. volume*4,215,742,285 184,436,932 Decl. volume*2,014,208,276 70,583,209 Other Indexes Francesca's Holdings FRAN 856.6 4.44 1.01 29.45 5.20 3.47 Issues traded 3,717 1,433 Russell 2000 1862.17 1819.52 1853.53 35.24 1.94 1853.53 991.16 14.1 11.1 6.9 Mesa Air Group MESA 839.2 7.60 1.45 23.58 8.90 6.15 Advances 2,453 1,136 NYSE Composite 14271.09 14138.38 14249.50 251.27 1.79 14249.50 8777.38 5.1 2.4 4.7 9F ADR JFU 4,203.2 2.10 0.33 18.64 2.48 1.69 Declines 1,180 278 Weidai ADR WEI 1,239.9 2.01 0.27 15.52 2.39 1.70 Value Line 551.71 539.25 550.67 11.42 2.12 562.05 305.71 2.5 -0.3 0.1 Unchanged 84 19 21Vianet Group ADR VNET 52.3 28.60 3.71 14.91 28.60 23.68 NYSE Arca Biotech 5479.06 5417.35 5428.40 14.21 0.26 6142.96 3855.67 9.5 7.1 8.8 New highs 361 334 NYSE Arca Pharma 667.39 662.62 664.13 0.18 0.03 675.64 494.36 6.5 1.6 7.3 ...And losers New lows 17 40 KBW Bank 95.10 92.13 95.07 4.81 5.32 114.12 56.19 -13.1 -16.1 -1.3 ECMOHO ADR MOHO 1,748.7 2.79 -0.81 -22.50 3.60 2.60 Closing Arms† 0.99 2.14 § PHLX Gold/Silver 132.25 129.15 130.82 -1.72 -1.30 161.14 70.12 38.1 22.3 17.3 Gap Inc GPS 1,974.4 24.05 -2.82 -10.49 27.50 23.95 Block trades* 44,067 1,140 § PHLX Oil Service 44.11 42.66 43.25 1.96 4.75 80.99 21.47 -35.9 -44.8 -31.0 Pure Storage Cl A PSTG 255.8 18.75 -1.01 -5.11 20.38 18.15 * Primary market NYSE, NYSE American NYSE Arca only. § PHLX Semiconductor 2612.20 2569.53 2609.01 13.76 0.53 2609.01 1286.84 51.4 41.1 24.8 Charter Communications CHTR 51.4 617.92 -32.52 -5.00 650.44 617.92 †(TRIN) A comparison of the number of advancing and declining issues with the volume of shares rising and falling. An Cboe Volatility 22.48 20.80 21.64 -1.02 -4.50 82.69 11.54 87.5 57.0 30.8 SPI SPI Energy 152.5 11.36 -0.52 -4.38 12.05 11.16 Arms of less than 1 indicates buying demand; above 1 §Nasdaq PHLX Sources: FactSet; Dow Jones Market Data indicates selling pressure. International Stock Indexes Percentage Gainers... Percentage Losers Latest YTD Region/Country Index Close Net chg % chg % chg Latest Session 52-Week Latest Session 52-Week Company Symbol Close Net chg % chg High Low % chg Company Symbol Close Net chg % chg High Low % chg 2.42 World The Global Dow 3405.50 80.55 4.7 Fuel Tech FTEK 6.04 3.22 114.18 7.04 0.30 527.3 Graybug Vision GRAY 24.84 -9.09 -26.79 37.88 12.50 ... 1.46 DJ Global Index 474.94 6.82 9.4 Yunji ADR YJ 4.29 2.04 90.67 5.95 1.67 10.3 Kaixin Auto Holdings KXIN 7.24 -2.25 -23.71 13.40 0.40 370.2 DJ Global ex U.S. 275.05 3.66 1.35 4.3 Goldfield Corp GV 6.97 2.70 63.23 6.99 2.26 155.3 iMedia Brands Cl A IMBI 6.01 -1.74 -22.45 8.86 1.35 17.8 Americas DJ Americas 854.78 13.24 1.57 12.3 Vision Marine Techs VMAR 14.44 4.44 44.40 17.20 10.00 ... Polar Power POLA 5.05 -1.41 -21.83 6.64 0.95 114.9 Brazil Sao Paulo Bovespa 109786.30 2407.38 2.24 –5.1 Ocean Power Techs OPTT 3.02 0.85 39.17 4.46 0.33 196.1 Net Element NETE 11.80 -2.60 -18.06 20.08 1.47 200.6 Canada S&P/TSX Comp 17274.25 179.72 1.05 1.2 ENGlobal Corp ENG 2.86 0.79 38.16 4.32 0.46 160.0 Pioneer Power Solutions PPSI 4.32 -0.95 -18.03 9.43 0.90 80.0 Mexico S&P/BMV IPC 42736.48 469.28 1.11 –1.8 Ozon Holdings ADR OZON 40.18 10.18 33.93 43.50 30.00 ... AYRO AYRO 8.70 -1.90 -17.92 10.60 1.80 205.3 Chile Santiago IPSA 2885.39 45.37 1.60 –13.5 F-star Therapeutics FSTX 5.41 1.35 33.25 19.20 3.20 -58.4 CPS Technologies CPSH 2.54 -0.55 -17.80 3.35 0.88 149.4 Aurora Cannabis ACB 9.23 2.05 28.55 32.88 3.71 -67.8 Greenland Technologies GTEC 6.33 -1.37 -17.79 10.00 1.12 -5.4 EMEA Stoxx Europe 600 392.39 3.55 0.91 –5.6 Rayonier Advanced Matls RYAM 7.02 1.54 28.10 7.17 0.90 81.4 Danaos DAC 12.26 -2.58 -17.39 15.95 2.50 102.0 Eurozone Euro Stoxx 390.42 4.55 1.18 –3.3 Belgium Bel-20 3724.22 110.08 3.05 –5.9 Planet Green Holdings PLAG 2.62 0.57 27.80 4.99 1.53 -4.7 Electrameccanica Vehicles SOLO 8.43 -1.77 -17.35 13.60 0.89 370.9 Denmark OMX Copenhagen 20 1372.09 –23.55 –1.69 20.8 Harvest Capital Credit HCAP 3.92 0.82 26.45 9.42 2.66 -56.9 Renren ADR RENN 6.72 -1.35 -16.73 8.20 0.45 151.7 France CAC 40 5558.42 66.27 1.21 –7.0 Loral Space Comm LORL 24.62 5.03 25.68 36.43 13.68 -26.7 Blink Charging BLNK 28.12 -5.50 -16.36 34.67 1.25 1349.5 Diamedica Therapeutics DMAC MicSec US Big Oil 3X InLv NRGD Germany DAX 13292.44 165.47 1.26 0.3 5.22 1.06 25.48 8.80 1.87 51.3 6.41 -1.24 -16.21 304.72 6.27 -84.9 Lyra Therapeutics LYRA 13.88 2.75 24.71 22.00 10.37 ... Micro US Big Banks 3X Inv BNKD 4.82 -0.92 -16.03 97.12 4.82 -81.6 Israel Tel Aviv 1473.91 27.40 1.89 –12.4 Italy FTSE MIB 22145.06 443.27 2.04 –5.8 Most Active Stocks Volume Movers Ranked by change from 65-day average* Netherlands AEX 607.46 6.09 1.01 0.5 Russia RTS Index 1287.12 30.31 2.41 –16.9 Volume % chg from Latest Session 52-Week Volume % chg from Latest Session 52-Week Company Symbol (000) 65-day avg Close % chg High Low Company Symbol (000) 65-day avg Close % chg High Low South Africa FTSE/JSE All-Share 57761.92 614.61 1.08 1.2 Spain IBEX 35 8143.20 162.00 2.03 –14.7 Sundial Growers SNDL 579,197 763.5 0.30 24.96 3.88 0.14 iShares MSCI BRIC ETF BKF 3,254 6386 51.61 0.84 52.70 31.75 Sweden OMX Stockholm 758.28 2.52 0.33 11.4 Ideanomics IDEX 346,039 2542.8 3.15 20.23 4.75 0.28 Cango ADR CANG 1,180 4101 9.80 12.64 14.00 4.20 NIO ADR NIO Newborn Acquisition NBAC Switzerland Swiss Market 10491.59 27.19 0.26 –1.2 242,409 50.5 53.51 -3.38 57.20 2.11 3,911 3798 11.96 7.75 12.50 9.70 FuelCell Energy FCEL 236,056 616.8 7.67 -10.29 11.31 0.48 Trident Acquisitions TDAC 794 3102 10.95 -0.45 11.25 10.30 Turkey BIST 100 1320.98 6.73 0.51 15.4 General Electric GE 175,612 58.7 10.45 3.77 13.26 5.48 Lyra Therapeutics LYRA 968 2949 13.88 24.71 22.00 10.37 U.K. FTSE 100 6432.17 98.33 1.55 –14.7 U.K. FTSE 250 19789.56 207.21 1.06 –9.6 American Airlines Group AAL 154,027 134.8 14.82 9.29 30.78 8.25 Franklin Lib Fed TaxFr Bd FLMB 334 2751 27.16 -0.04 27.70 23.32 Transocean RIG 145,085 421.4 2.04 13.33 7.28 0.65 SPDR Portfolio Europe ETF SPEU 961 2508 36.46 1.47 36.84 22.69 Asia-Pacific Fuel Tech FTEK 141,942 3955.8 6.04 114.18 7.04 0.30 Tuscan Holdings THCB 8,845 2483 11.28 5.13 12.70 9.16 Australia S&P/ASX 200 6644.10 82.51 1.26 –0.6 Naked Brand Group NAKD 122,782 66.9 0.20 7.67 4.00 0.07 Brilliant Acquisition BRLI 230 2307 9.81 -0.20 9.95 9.74 China Shanghai Composite 3402.82 –11.67 –0.34 11.6 Palantir Technologies PLTR 114,635 119.5 23.82 13.21 24.27 8.90 Schultze SPAQ SAMA 1,970 1799 10.50 3.04 11.09 9.61 Hong Kong Hang Seng 26588.20 102.00 0.39 –5.7 * Volumes of 100,000 shares or more are rounded to the nearest thousand * Common stocks priced at $2 a share or more with an average volume over 65 trading days of at least 1.01 India S&P BSE Sensex 44523.02 445.87 7.9 5,000 shares =Has traded fewer than 65 days Japan Nikkei Stock Avg 26165.59 638.22 2.50 10.6 Singapore Straits Times 2891.63 42.85 1.50 –10.3 Track the Markets South Korea Kospi 2617.76 15.17 0.58 19.1 Compare the performance of selected CURRENCIES & COMMODITIES Taiwan TAIEX 13807.13 –0.51 15.1 global stock indexes, bond ETFs, –70.88 currencies and commodities at Currencies Thailand SET 1401.63 –18.80 –1.32 –11.3 wsj.com/graphics/track-the-markets Sources: FactSet; Dow Jones Market Data U.S.-dollar foreign-exchange rates in late New York trading US$ vs, US$ vs, Tues YTD chg Tues YTD chg CREDIT MARKETS Country/currency in US$ per US$ (%) Country/currency in US$ per US$ (%) Americas Vietnam dong .00004319 23152 –0.1 Argentina peso .0124 80.6717 34.7 Europe Consumer Rates and Returns to Investor TrBenchmarkeasury yieldYieldscurve Forex Race Brazil real .1861 5.3740 33.7 Czech Rep. koruna .04550 21.976 –3.1 U.S. consumer rates Selected rates Yiandeld toRatesmaturity of current bills, Yen, euro vs. dollar; dollar vs. Canada dollar .7693 1.2999 0.1 Denmark krone .1598 6.2584 –6.1 notes and bonds major U.S. trading partners Chile peso .001292 773.80 4.7 Euro area euro 1.1894 .8408 –5.7 A consumer rate against its New car loan Colombiapeso .000275 3636.00 10.8 Hungary forint .003297 303.34 2.7 Ecuador US dollar 11unch Iceland krona .007392 135.29 11.7 benchmark over the past year 2.50% Bankrate.com avg†: 4.04% 10% Mexico peso .0499 20.0278 5.8 Norway krone .1123 8.9008 1.4 Uruguay peso .02342 42.6950 15.0 Poland zloty .2665 3.7519 –1.1

First Command Bank 2.75% One year ago 2.00 s Russia ruble .01325 75.476 21.6

s Euro New car loan t Asia-Pacific 4.60% Fort Worth, TX 888-763-7600 5 Yen Sweden krona .1170 8.5467 –8.8 1.50 Australian dollar .7361 1.3585 –4.7 t Switzerland franc 1.0977 .9110 –5.8 First Savings Bank of Hegewisch 2.75% China yuan .1517 6.5919 –5.3 4.20 0 Turkey lira .1250 7.9997 34.5 Chicago, IL 773-646-4200 1.00 Hong Kong dollar .1290 7.7519 –0.5 Ukraine hryvnia .0351 28.4500 20.2 Tradeweb ICE India rupee .01350 74.080 3.8 3.80 Cambridge Savings Bank 3.24% UK pound 1.3363 .7483 –0.8 Tuesday Close 0.50 –5 s Indonesia rupiah .0000706 14155 2.0 Cambridge, MA 888-418-5626 Prime rate t WSJ Dollar index Japan yen .009575 104.44 –3.9 Middle East/Africa t 3.40 PNC Bank 3.34% 0.00 –10 Kazakhstan tenge .002350 425.59 11.5 Bahrain dinar 2.6522 .3771 ... Macau pataca .1252 7.9900 –0.3 Egypt pound .0639 15.6484 –2.5 Washington, DC 888-PNC-BANK 1 3 6 1 2 3 5 7 10 20 30 2019 2020 3.00 month(s) years Malaysia ringgit .2446 4.0875 –0.1 Israel shekel .2999 3.3341 –3.5 D J F M A M J J A S O N First Bank Richmond 3.64% New Zealand dollar .6977 1.4333 –3.5 Kuwait dinar 3.2719 .3056 0.8 maturity 2020 Richmond, IN 765-962-2581 Pakistan rupee .00623 160.625 3.6 Oman sul rial 2.5976 .3850 –0.01 Sources: Tradeweb ICE U.S. Treasury Close; Tullett Prebon; Dow Jones Market Data Philippines peso .0208 48.172 –5.0 Qatar rial .2746 3.641 –0.1 Yield/Rate (%) 52-Week Range (%) 3-yr chg Singapore dollar .7452 1.3419 –0.3 Saudi Arabia riyal .2666 3.7506 –0.02 Interest rate Last (l)Week ago Low 0246 8High (pct pts) Corporate Borrowing Rates and Yields South Korea won .0009004 1110.64 –3.8 South Africa rand .0658 15.2040 8.6 Federal-funds rate target 0.00-0.25 0.00-0.25 0.00 l 1.50 -1.00 Sri Lanka rupee .0053879 185.60 2.3 Yield (%) 52-Week Total Return (%) Taiwan dollar .03510 28.492 –4.8 Close Net Chg % Chg YTD % Chg Prime rate* 3.25 3.25 l 4.75 3.25 -1.00 Bond total return index Close Last Week ago High Low 52-wk 3-yr Thailand baht .03297 30.330 1.9 WSJ Dollar Index 86.87 –0.35–0.40 –3.01 Libor, 3-month 0.23 0.23 0.20 l 1.96 -1.24 U.S. Treasury, Barclays 2459.270 0.590 0.600 1.860 0.400 7.490 5.165 Sources: Tullett Prebon, Dow Jones Market Data Money market, annual yield 0.20 0.21 0.19 l 0.58 -0.13 Five-year CD, annual yield 0.58 0.58 0.58 l 1.42 -0.91 U.S. Treasury Long, Barclays 4752.230 1.470 1.480 2.340 0.980 15.498 10.290 Commodities 30-year mortgage, fixed† 3.05 2.95 2.93 l 4.22 -0.84 Aggregate, Barclays 2282.870 1.180 1.200 2.380 1.020 7.184 5.257 Tuesday 52-Week YTD Pricing trends on someCloseraw materials,Net chg % Chgor commoditiesHigh Low % Chg % chg 15-year mortgage, fixed† 2.58 2.45 2.43 l 3.57 -0.71 Fixed-Rate MBS, Barclays 2226.440 1.290 1.300 2.690 0.930 3.992 3.664 Jumbo mortgages, $510,400-plus† 2.93 2.94 2.90 l 4.36 -1.35 DJ Commodity 690.93 9.90 1.45 690.93 433.70 10.83 7.57 High Yield 100, ICE BofA 3272.487 3.873 4.036 10.740 3.589 4.871 4.722 Five-year adj mortgage (ARM)† 3.20 3.21 2.85 l 4.61 -0.50 TR/CC CRB Index 159.79 2.47 1.57 187.39 106.29 -11.77 -13.99 Muni Master, ICE BofA 591.967 0.965 1.016 3.441 0.838 4.962 4.441 New-car loan, 48-month 4.04 4.14 4.04 l 4.50 1.04 Crude oil, $ per barrel 44.91 1.85 4.30 63.27 -37.63 -23.11 -26.45 Bankrate.com rates based on survey of over 4,800 online banks. *Base rate posted by 70% of the nation's largest EMBI Global, J.P. Morgan 916.713 4.502 4.535 7.480 4.492 5.797 4.518 Natural gas, $/MMBtu 2.775 0.064 2.36 3.354 1.482 12.35 26.77 banks.† Excludes closing costs. Sources: FactSet; Dow Jones Market Data; Bankrate.com Sources: J.P. Morgan; S&P Dow Jones Indices; Bloomberg Barclays; ICE Data Services Gold, $ per troy oz. 1804.80 -33.00 -1.80 2051.50 1453.40 23.63 18.78 Get real-time U.S. stock quotesand track most-activestocks, newhighs/lows and mutual funds. Available free at WSJMarkets.com P2JW330000-1-B01100-1------XA

THE WALL STREET JOURNAL. * We dnesday, November 25, 2020 | B11

COMMODITIES wsj.com/market-data/commodities

Futures Contracts Contract Open Contract Open Contract Open Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Open High hilo Low Settle Chg interest Metal & Petroleum Futures Jan'21 393.00 397.90 390.80 396.90 3.90 127,854 March'21 137-300 137-310 137-250 137-275 –2.0 1,522,902 March'21 .7297 .7373 .7292 .7360 .0062 868 Soybean Oil (CBT)-60,000 lbs.; cents per lb. 5 Yr. Treasury Notes (CBT)-$100,000; pts 32nds of 100% Mexican Peso (CME)-MXN 500,000; $ per MXN Contract Open Dec 38.66 38.67 37.57 38.06 –.49 31,374 Dec 125-185 125-190 125-167 125-177 … 1,794,187 Open High hi lo Low Settle Chg interest Dec .04948 .04991 .04947 .04983 .00028 133,344 Jan'21 38.43 38.44 37.27 37.72 –.62 146,814 March'21 125-285 125-290 125-270 125-280 … 1,532,570 March'21 .04921 .04942 .04899 .04934 .00029 1,268 Copper-High (CMX)-25,000 lbs.; $ per lb. Rough Rice (CBT)-2,000 cwt.; $ per cwt. 2 Yr. Treasury Notes (CBT)-$200,000; pts 32nds of 100% Euro (CME)-€125,000; $ per € Nov 3.3070 3.3070 s 3.2935 3.3000 0.0405 403 Jan 12.43 12.47 12.36 12.39 –.05 8,614 Dec 110-123 110-128 110-123 110-126 .2 1,210,573 Dec 1.1847 1.1902 1.1844 1.1888 .0040 628,870 March'21 3.2800 3.3350 s 3.2795 3.3200 0.0420 138,810 March 12.60 12.61 12.52 12.55 –.05 260 March'21 110-121 110-125 110-120 110-123 .1 865,335 March'21 1.1874 1.1929 1.1872 1.1915 .0039 6,812 Gold (CMX)-100 troy oz.; $ per troy oz. Wheat (CBT)-5,000 bu.; cents per bu. 30 Day Federal Funds (CBT)-$5,000,000; 100 - daily avg. Nov 1829.30 1829.30 t 1799.30 1804.80 –33.00 815 Dec 599.50 612.25 594.00 611.25 12.50 21,525 Nov 99.9125 99.9150 99.9100 99.9125 .0025 149,622 Index Futures Dec 1835.70 1836.90 1797.10 1804.60 –33.20 153,719 March'21 604.50 618.50 599.00 617.50 13.00 202,054 Jan'21 99.9200 99.9300 99.9200 99.9250 .0000 144,574 Jan'21 1839.00 1840.20 t 1801.10 1808.10 –33.40 3,920 Wheat (KC)-5,000 bu.; cents per bu. 10 Yr. Del. Int. Rate Swaps (CBT)-$100,000; pts 32nds of 100% Mini DJ Industrial Average (CBT)-$5 x index Feb 1842.60 1843.00 1803.70 1810.90 –33.20 299,127 Dec 552.50 562.00 545.00 561.00 9.75 13,830 Dec 101-045 101-080 100-315 101-005 –9.0 153,090 Dec 29560 30067 s 29552 29998 452 87,729 April 1846.00 1846.60 1807.60 1815.00 –33.20 56,348 March'21 563.00 572.00 554.00 570.75 10.25 125,042 Eurodollar (CME)-$1,000,000; pts of 100% March'21 29608 29959 s 29447 29896 451 6,919 June 1847.10 1851.00 1810.30 1817.90 –33.40 28,664 Cattle-Feeder (CME)-50,000 lbs.; cents per lb. Dec 99.7575 99.7575 99.7450 99.7500 –.0050 1,085,960 S&P 500 Index (CME)-$250 x index Palladium (NYM) - 50 troy oz.; $ per troy oz. Jan 138.075 139.575 138.000 138.600 .775 20,285 March'21 99.7900 99.7900 99.7850 99.7850 … 1,133,501 Dec 3577.30 3639.40 3576.20 3632.70 56.70 27,544 Nov …...... 2350.10 –1.70 6 March 137.600 139.050 137.500 138.125 .850 9,073 June 99.7900 99.7950 99.7900 99.7900 …868,887 March'21 …… …3624.00 56.60 26 March'21 2370.20 2379.10 2340.10 2371.80 –0.40 8,252 Cattle-Live (CME)-40,000 lbs.; cents per lb. Dec 99.7500 99.7550 99.7500 99.7500 …855,636 Mini S&P 500 (CME)-$50 x index Platinum (NYM)-50 troy oz.; $ per troy oz. Dec 109.950 111.675 109.950 111.175 1.175 26,846 Dec 3576.00 3640.00 3575.25 3632.75 56.75 2,464,998 Nov 955.70 26.60 112 Feb'21 112.750 114.700 112.750 113.950 1.050 111,780 Currency Futures March'21 3569.00 3631.00 3568.50 3624.00 56.50 65,292 Jan'21 931.00 967.70 925.70 958.30 26.60 47,725 Hogs-Lean (CME)-40,000 lbs.; cents per lb. Mini S&P Midcap 400 (CME)-$100 x index Silver (CMX)-5,000 troy oz.; $ per troy oz. Dec 65.800 65.950 64.125 65.300 .350 26,049 Japanese Yen (CME)-¥12,500,000; $ per 100¥ Dec 2178.40 2223.10 s 2178.40 2216.60 37.10 54,068 Nov 23.330 23.330 23.330 23.292 –0.332 3 Feb'21 67.475 67.625 66.000 66.750 –.375 81,858 Dec .9571 .9605 .9548 .9566 –.0006 173,950 March'21 …2212.20 s 2179.00 2213.00 37.10 n.a. March'21 23.735 23.770 23.050 23.410 –0.347 103,467 Lumber (CME)-110,000 bd. ft., $ per 1,000 bd. ft. March'21 .9584 .9618 .9563 .9580 –.0006 2,470 Mini Nasdaq 100 (CME)-$20 x index Crude Oil, Light Sweet (NYM)-1,000 bbls.; $ per bbl. Jan 612.00 612.10 586.60 600.50 –17.90 1,976 Canadian Dollar (CME)-CAD 100,000; $ per CAD Dec 11909.75 12104.50 11872.75 12076.00 170.75 235,871 Jan 42.84 45.20 42.82 44.91 1.85 418,318 March 567.30 567.30 538.00 551.20 –18.80 612 Dec .7643 .7696 .7640 .7689 .0043 132,830 March'21 11922.50 12098.00 11869.00 12070.25 170.75 4,367 Feb 43.04 45.38 43.04 45.11 1.83 205,354 Milk (CME)-200,000 lbs., cents per lb. March'21 .7654 .7699 .7644 .7692 .0043 3,046 Mini Russell 2000 (CME)-$50 x index March 43.25 45.49 43.22 45.25 1.79 171,928 Nov 23.14 23.14 23.12 23.14 …5,541 British Pound (CME)-£62,500; $ per £ Dec 1820.10 1863.50 s 1819.80 1851.50 34.40 553,358 June 43.49 45.63 43.48 45.41 1.64 203,514 Dec 15.60 15.78 15.32 15.63 –.03 5,118 Dec 1.3323 1.3383 1.3294 1.3353 .0026 136,128 Mini Russell 1000 (CME)-$50 x index Dec 43.50 45.35 43.50 45.03 1.20 286,159 Cocoa (ICE-US)-10 metric tons; $ per ton. March'21 1.3337 1.3392 1.3305 1.3363 .0026 3,321 Dec 2019.60 2042.40 s 2011.70 2039.60 30.80 9,201 Dec'22 43.62 44.95 43.59 44.48 0.63 92,341 Dec 3,054 3,054 s 3,054 3,054 32 147 Swiss Franc (CME)-CHF 125,000; $ per CHF U.S. Dollar Index (ICE-US)-$1,000 x index NY Harbor ULSD (NYM)-42,000 gal.; $ per gal. March'21 2,774 2,821 s 2,752 2,785 32 92,852 Dec 1.0964 1.0997 1.0951 1.0970 .0002 50,371 Dec 92.51 92.56 92.11 92.22 –.27 29,595 Dec 1.3064 1.3756 1.3064 1.3595 .0490 28,920 Coffee (ICE-US)-37,500 lbs.; cents per lb. March'21 1.1003 1.1030 1.0985 1.1003 .0002 573 March'21 92.45 92.50 92.07 92.17 –.27 1,075 Jan'21 1.3120 1.3796 1.3100 1.3642 .0484 111,657 Dec 114.50 114.65 113.05 113.15 –1.30 1,004 Australian Dollar (CME)-AUD 100,000; $ per AUD Gasoline-NY RBOB (NYM)-42,000 gal.; $ per gal. March'21 116.55 118.25 115.60 115.90 –1.15 114,955 Dec .7287 .7369 .7287 .7355 .0063 129,836 Source: FactSet Dec 1.2023 1.2696 1.2012 1.2582 .0542 31,015 Sugar-World (ICE-US)-112,000 lbs.; cents per lb. Jan'21 1.1964 1.2619 1.1938 1.2510 .0539 134,745 March 15.08 15.13 14.92 15.04 –.11 428,364 Natural Gas (NYM)-10,000 MMBtu.; $ per MMBtu. May 14.24 14.24 14.06 14.13 –.12 220,621 Dec 2.709 2.780 2.693 2.775 .064 17,462 Sugar-Domestic (ICE-US)-112,000 lbs.; cents per lb. Bonds | wsj.com/market-data/bonds/benchmarks Jan'21 2.817 2.908 2.800 2.900 .077 303,193 Jan 29.45 29.45 29.45 29.40 –.45 1,791 Feb 2.805 2.888 2.785 2.877 .071 95,779 March 28.98 28.98 28.98 28.98 …3,334 March 2.752 2.817 2.733 2.809 .058 190,628 Cotton (ICE-US)-50,000 lbs.; cents per lb. Tracking Bond Benchmarks April 2.637 2.693 2.629 2.691 .054 83,301 Dec 72.00 72.00 70.87 71.53 –.62 398 Return on investment and spreads over Treasurys and/or yields paid to investors compared with 52-week Oct 2.772 2.823 2.769 2.820 .045 96,660 March'21 73.80 73.88 71.85 72.98 –.82 140,326 Orange Juice (ICE-US)-15,000 lbs.; cents per lb. highs and lows for different types of bonds Agriculture Futures Jan 127.60 129.50 126.10 127.70 .05 7,265 Total Total March 127.50 128.50 126.35 127.90 .40 2,871 return YTD total Yield (%) return YTD total Yield (%) Corn (CBT)-5,000 bu.; cents per bu. close return (%) Index Latest Low High close return (%) Index Latest Low High Dec 425.75 426.50 416.50 425.75 –.75 135,886 Interest Rate Futures March'21 432.25 433.50 423.25 432.50 –.75 867,963 Broad Market Bloomberg Barclays Mortgage-Backed Bloomberg Barclays Oats (CBT)-5,000 bu.; cents per bu. Ultra Treasury Bonds (CBT) - $100,000; pts 32nds of 100% 2226.44 3.6 Mortgage-Backed 1.290 0.930 2.690 Dec 287.50 289.00 283.00 287.50 .25 1,584 Dec 218-110 218-140 216-030 216-150 –1-23.0 508,028 2282.87 7.1 U.S. Aggregate 1.180 1.020 2.380 March'21 303.25 304.25 297.75 303.75 1.50 3,869 March'21 216-220 216-240 214-150 214-260 –1-23.0 589,133 U.S. Corporate Indexes Bloomberg Barclays 2173.78 3.5 Ginnie Mae (GNMA) 0.730 0.290 2.660 Soybeans (CBT)-5,000 bu.; cents per bu. Treasury Bonds (CBT)-$100,000; pts 32nds of 100% Jan 1190.75 1194.00 1174.00 1191.25 –.25 321,644 Dec 173-160 173-180 172-200 172-290 –18.0 726,246 3426.27 8.8 U.S. Corporate 1.860 1.820 4.580 1314.83 3.8 Fannie mae (FNMA) 1.480 1.110 2.690 March 1192.00 1196.00 1175.75 1193.25 .75 245,884 March'21 174-280 174-290 173-270 174-030 –23.0 661,686 Soybean Meal (CBT)-100 tons; $ per ton. Treasury Notes (CBT)-$100,000; pts 32nds of 100% 3088.01 6.6 Intermediate 1.230 1.230 4.400 2018.02 3.7 Freddie Mac (FHLMC) 1.470 1.080 2.710 Dec 395.10 399.70 393.30 398.30 3.40 34,722 Dec 138-105 138-120 138-055 138-080 –2.0 2,075,597 5129.40 12.6 Long term 2.840 2.730 4.930 591.97 4.6 Muni Master 0.965 0.838 3.441 698.33 8.3 Double-A-rated 1.460 1.300 3.360 418.40 4.9 7-12 year 0.937 0.771 3.447 12-22 year Cash Prices | wsj.com/market-data/commodities Tuesday, November 24, 2020 910.02 8.5 Triple-B-rated 2.150 2.150 5.350 478.02 5.5 1.380 1.224 3.690 These prices reflect buying and selling of a variety of actual or “physical” commodities in the marketplace— High Yield Bonds ICE BofA 463.24 5.1 22-plus year 2.038 1.765 4.123 separate from the futures price on an exchange, which reflects what the commodity might be worth in future 485.41 3.9 High Yield Constrained 4.714 4.655 11.400 Global Government J.P. Morgan† months. 437.19 -0.1 Triple-C-rated 9.665 9.665 19.071 614.15 5.4 Global Government 0.570 0.390 1.060 Tuesday Tuesday Tuesday 3272.49 2.5 High Yield 100 3.873 3.589 10.740 861.35 7.2 Canada 0.840 0.590 1.740 Energy Aluminum, LME, $ per metric ton *1969.5 Wheat - Hard - KC (USDA) $ per bu-u 5.8600 Copper,Comex spot 3.3000 Wheat,No.1soft white,Portld,OR-u 6.1500 438.27 4.0 Global High Yield Constrained 4.731 4.731 11.310 419.90 4.9 EMU§ 0.068 0.050 0.794 Coal,C.Aplc.,12500Btu,1.2SO2-r,w 52.750 Iron Ore, 62% Fe CFR China-s 127.8 Food France Coal,PwdrRvrBsn,8800Btu,0.8SO2-r,w 11.600 Shredded Scrap, US Midwest-s,m 287 334.00 1.6 Europe High Yield Constrained 3.114 2.464 8.183 793.11 4.5 -0.110 -0.160 0.430 Metals Steel, HRC USA, FOB Midwest Mill-s 768 Beef,carcass equiv. index U.S Agency Bloomberg Barclays 551.88 3.0 Germany -0.460 -0.740 -0.050 Fibers and Textiles choice 1-3,600-900 lbs.-u 198.34 Gold, per troy oz select 1-3,600-900 lbs.-u 177.23 1863.11 5.2 U.S Agency 0.530 0.470 1.950 295.40 -0.9 Japan 0.290 0.040 0.320 Broilers, National comp wtd. avg.-u,w 0.8005 Engelhard industrial 1805.00 Burlap,10-oz,40-inch NY yd-n,w 0.6450 1623.99 3.9 10-20 years 0.420 0.340 1.850 617.29 3.6 Netherlands -0.370 -0.540 0.080 Handy & Harman base 1799.60 Cotton,1 1/16 std lw-mdMphs-u 0.6998 Butter,AA Chicago 1.3100 Cheddar cheese,bbl,Chicago Handy & Harman fabricated 1997.56 Cotlook 'A' Index-t *79.20 140.00 4261.26 11.7 20-plus years 1.660 1.170 2.450 1073.49 6.8 U.K. 0.690 0.390 1.180 Cheddar cheese,blk,Chicago LBMA Gold Price AM *1863.80 Hides,hvy native steers piece fob-u 39.000 168.00 Milk,Nonfat dry,Chicago lb. 108.75 2913.76 6.5 Yankee 1.450 1.430 3.500 916.71 4.0 Emerging Markets ** 4.502 4.492 7.480 LBMA Gold Price PM *1840.20 Wool,64s,staple,Terr del-u,w n.a. Coffee,Brazilian,Comp 1.0913 Krugerrand,wholesale-e 1875.74 *Constrained indexes limit individual issuer concentrations to 2%; the High Yield 100 are the 100 largest bonds † In local currency § Euro-zone bonds Grains and Feeds Coffee,Colombian, NY Maple Leaf-e 1893.78 1.6398 Eggs,large white,Chicago-u 1.0150 ** EMBI Global Index Sources: ICE Data Services; Bloomberg Barclays; J.P.Morgan American Eagle-e 1893.78 Barley,top-quality Mnpls-u n.a. Flour,hard winter KC 15.70 Mexican peso-e 2182.60 Bran,wheat middlings, KC-u 135 Hams,17-20 lbs,Mid-US fob-u n.a. Austria crown-e 1770.89 Corn,No. 2 yellow,Cent IL-,u 4.1650 Hogs,Iowa-So. Minnesota-u 65.49 Global Government Bonds: Mapping Yields Austria phil-e 1893.78 Corn gluten feed,Midwest-u,w 150.2 Pork bellies,12-14 lb MidUS-u 1.1709 Yields and spreads over or under U.S. Treasurys on benchmark two-year and 10-year government bonds in Silver, troy oz. Corn gluten meal,Midwest-u,w 549.3 Pork loins,13-19 lb MidUS-u 0.8144 Engelhard industrial 23.1500 Cottonseed meal-u,w 403 Steers,Tex.-Okla. Choice-u n.a. selected other countries; arrows indicate whether the yield rose(s) or fell (t) in the latest session Handy & Harman base 23.1950 Hominy feed,Cent IL-u,w 108 Steers,feeder,Okla. City-u,w 145.63 Handy & Harman fabricated 28.9940 Meat-bonemeal,50% pro Mnpls-u,w 260 Country/ Yield (%) Spread Under/Over U.S. Treasurys, in basis points LBMA spot price *£17.8800 Oats,No.2 milling,Mnpls-u 3.3875 Fats and Oils Coupon (%) Maturity, in years Latest(l)-2 -1 01234Previous Month ago Year ago Latest Prev Year ago (U.S.$ equivalent) *23.9050 Rice, Long Grain Milled, No. 2 AR-u,w 28.38 Corn oil,crude wet/dry mill wtd. avg.-u,w 44.6000 0.125 U.S. 2 0.164 s l 0.164 0.170 1.636 Coins,wholesale $1,000 face-a 17538 Sorghum,(Milo) No.2 Gulf-u 6.3575 Grease,choice white,Chicago-h 0.2900 0.875 10 0.882 s l 0.855 0.842 1.773 Other metals SoybeanMeal,Cent IL,rail,ton48%-u 396.30 Lard,Chicago-u n.a. 2.250 2 t l 0.105 0.137 0.792 -5.9 LBMA Platinum Price PM *946.0 Soybeans,No.1 yllw IL-bp,u 11.8150 Soybean oil,crude;Centl IL-u 0.3969 Australia 0.103 -6.1 -84.4 Platinum,Engelhard industrial 939.0 Wheat,Spring14%-pro Mnpls-u 7.0575 Tallow,bleach;Chicago-h 0.3250 1.000 10 0.902 s l 0.862 0.870 1.107 2.1 0.8 -66.6 Palladium,Engelhard industrial 2344.0 Wheat,No.2 soft red,St.Louis-u 6.3125 Tallow,edible,Chicago-u 0.3400 0.000 France 2 -0.670 s l -0.679 -0.681 -0.590 -83.4 -84.3 -222.6 KEY TO CODES: A=ask; B=bid; BP=country elevator bids to producers; C=corrected; E=Manfra,Tordella & Brookes; H=American Commodities Brokerage Co; 0.000 10 -0.331 s l -0.340 -0.295 -0.045 -121.3 -119.5 -181.8 M=monthly; N=nominal; n.a.=not quoted or not available; R=SNL Energy; S=Platts-TSI; T=Cotlook Limited; U=USDA; W=weekly; Z=not quoted. *Data as of 11/23 Source: Dow Jones Market Data 0.000 Germany 2 -0.740 s l -0.750 -0.755 -0.622 -90.4 -91.4 -225.8 0.000 10 -0.561 s l -0.579 -0.572 -0.358 -144.2 -143.3 -213.1 0.050 Italy 2 -0.412 t l -0.405 -0.335 -0.123 -57.6 -56.9 -175.9 Borrowing Benchmarks | wsj.com/market-data/bonds/benchmarks 0.900 10 0.610 t l 0.621 0.769 1.186 -27.1 -23.4 -58.8 0.100 Japan 2 -0.146 s l -0.147 -0.130 -0.188 -31.0 -31.1 -182.4 Money Rates November 24, 2020 0.100 10 0.026 s l 0.017 0.039 -0.080 -85.6 -83.8 -185.3 Key annual interest rates paid to borrow or lend money in U.S. and international markets. Rates below are a 0.400 Spain 2 -0.578 t l -0.569 -0.547 -0.381 -74.2 -73.3 -201.7 guide to general levels but don’t always represent actual transactions. 1.250 10 0.069 t l 0.072 0.202 0.407 -81.3 -78.3 -136.7 0.500 U.K. 2 -0.010 s l -0.022 -0.026 0.537 -17.4 -18.6 -109.9 Week —52-WEEK— Week —52-WEEK— Inflation Latest ago High Low Latest ago High Low 4.750 10 0.332 s l 0.320 0.281 0.707 -55.0 -53.5 -106.6 Oct. index Chg From (%) Source: Tullett Prebon level Sept. '20 Oct. '19 Bid 0.0800 0.0800 1.6000 0.0100 Libor Offer 0.1000 0.1000 1.6300 0.0500 One month 0.14950 1.80475 0.12663 U.S. consumer price index 0.14300 Corporate Debt Treasury bill auction Three month 0.23225 0.23100 1.96050 0.20488 All items 260.388 0.04 1.2 4 weeks 0.070 0.085 1.620 0.000 Six month 0.25450 0.25800 1.92438 0.23375 Prices of firms' bonds reflect factors including investors' economic, sectoral and company-specific Core 269.328 0.10 1.6 13 weeks 0.085 0.090 1.560 0.000 One year 0.33563 0.33875 2.01200 0.32763 expectations International rates 26 weeks 0.090 0.100 1.580 0.080 Investment-grade spreads that tightened the most… Secondary market Euro Libor Week 52-Week Spread*, in basis points Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week Latest ago High Low Fannie Mae One month -0.580 -0.577 -0.360 -0.621 Three month -0.548 -0.546 -0.142 -0.548 30-year mortgage yields General Motors Financial … 1.700 0.92 Aug. 18, ’23 70 –11 89 Prime rates Six month -0.519 -0.518 -0.052 -0.526 30 days 1.886 1.881 3.362 1.751 U.S. 3.25 3.25 4.75 3.25 Valero Energy VLO 7.500 3.59 April 15, ’32 270 –11 309 60 days 1.916 1.916 3.370 1.804 One year -0.471 -0.468 0.008 -0.474 Canada 2.45 2.45 3.95 2.45 Canadian Imperial Bank of Commerce CM 3.500 0.27 Sept. 13, ’23 6 –10 11 Japan 1.475 1.475 1.475 1.475 Other short-term rates Secured Overnight Financing Rate GE Capital International Funding … 3.373 1.42 Nov. 15, ’25 103 –9 132 Policy Rates Week 52-Week 0.05 0.10 1.65 0.01 Euro zone 0.00 0.00 0.00 0.00 Latest high low Air Products And Chemicals APD 2.750 0.36 Feb. 3, ’23 15 –8 n.a. ago Value 52-Week Switzerland 0.00 0.00 0.50 0.00 Latest Traded High Low Lloyds Banking … 4.650 1.82 March 24, ’26 144 –8 n.a. Britain 0.10 0.10 0.75 0.10 Call money Australia 0.10 0.10 0.75 0.10 2.00 2.00 3.50 2.00 DTCC GCF Repo Index Vodafone VOD 5.250 3.24 May 30, ’48 163 –8 166 Commercial paper (AA financial) Overnight repurchase Treasury 0.110 62.150 1.720 0.002 Apple AAPL 0.750 0.25 May 11, ’23 4 –7 13 90 days n.a. 0.20 2.53 0.04 MBS 0.111 40.500 1.763 0.011 U.S. 0.08 0.09 1.65 -0.07 …And spreads that widened the most U.S. government rates Notes on data: 9 Discount U.S. prime rate is the base rate on corporate loans posted by at least 70% of the 10 largest U.S. banks, Exxon Mobil XOM 1.571 0.42 April 15, ’23 20 21 and is effective March 16, 2020. Other prime rates aren’t directly comparable; lending practices vary Crown Castle International CCI 5 0.25 0.25 2.25 0.25 widely by location; Discount rate is effective March 16, 2020. Secured Overnight Financing Rate is 5.250 0.70 Jan. 15, ’23 48 47 as of November 23, 2020. DTCC GCF Repo Index is Depository Trust & Clearing Corp.'s weighted Apple AAPL 3.200 0.63 May 13, ’25 24 4 27 Federal funds average for overnight trades in applicable CUSIPs. Value traded is in billions of U.S. dollars. Federal- Effective rate 0.0800 0.0900 1.6200 0.0600 funds rates are Tullett Prebon rates as of 5:30 p.m. ET. BNP Paribas … 3.500 0.68 March 1, ’23 47 4 45 High 0.1000 0.1000 1.6500 0.1000 Sources: Federal Reserve; Bureau of Labor Statistics; DTCC; FactSet; Low 0.0500 0.0500 1.5800 0.0100 Tullett Prebon Information, Ltd. Credit Suisse AG … 2.950 0.76 April 9, ’25 37 4 40 Capital … 2.800 0.31 March 6, ’23 9 4 n.a. Equitable Financial Life Global Funding … 0.500 0.50 Nov. 17, ’23 29 4 30 Exchange-Traded Portfolios | WSJ.com/ETFresearch Coca–Cola KO 1.750 0.52 Sept. 6, ’24 13 4 12 Closing Chg YTD Largest 100 exchange-traded funds, latest session ETF Symbol Price (%) (%) High-yield issues with the biggest price increases… Schwab US TIPs SCHP 61.24 ... 8.1 Tuesday, November 24, 2020 Closing Chg YTD ETF Symbol Price (%) (%) SPDR DJIA Tr DIA 300.43 1.53 5.4 Bond Price as % of face value Closing Chg YTD SPDR S&PMdCpTr MDY 404.66 1.69 7.8 Issuer Symbol Coupon (%) Yield (%) Maturity Current One-day change Last week ETF Symbol Price (%) (%) iShMSCI ACWI ACWI 87.96 1.49 11.0 SPDR S&P 500 SPY 363.22 1.61 12.9 CommSvsSPDR XLC 65.22 2.05 21.6 iShMSCI EAFE EFA 71.31 1.49 2.7 SPDR S&P Div SDY 107.36 2.54 –0.2 Transocean RIG 6.800 25.73 March 15, ’38 27.500 7.30 17.750 iShMSCIEmgMarkets EEM 49.85 1.34 11.1 TechSelectSector XLK 121.75 1.39 32.8 CnsmrDiscSelSector XLY 157.69 1.49 25.7 2.00 CnsStapleSelSector XLP 66.97 0.68 6.3 iShMSCIJapan EWJ 65.76 1.51 11.0 UtilitiesSelSector XLU 64.23 1.07 –0.6 Occidental Petroleum OXY 6.200 6.76 March 15, ’40 94.000 89.500 FinSelSectorSPDR XLF 28.66 3.50 –6.9 iShNatlMuniBd MUB 116.79 –0.08 2.5 VanEckGoldMiner GDX 33.42 –2.74 14.1 iSh1-5YIGCorpBd IGSB 55.04 0.04 2.6 CF Industries CF 5.375 3.65 March 15, ’44 127.000 1.50 125.000 FT DJ Internet FDN 202.04 0.55 45.2 VangdInfoTech VGT 329.10 1.19 34.4 iShPfd&Incm PFF 37.77 0.24 0.5 HealthCareSelSect XLV 108.84 0.29 6.9 VangdSC Val VBR 138.66 2.54 1.2 1.38 iShRussell1000Gwth IWF 227.87 1.04 29.5 Bombardier … 6.125 9.63 Jan. 15, ’23 93.375 90.625 IndSelSectorSPDR XLI 89.65 1.75 10.0 VangdSC Grwth VBK 245.68 0.23 23.6 iShRussell1000 IWB 204.45 1.53 14.6 VangdExtMkt VXF 153.74 1.21 22.0 InvscQQQI QQQ 294.47 1.41 38.5 iShRussell1000Val IWD 134.78 2.14 –1.2 VangdDivApp VIG 139.11 1.31 11.6 Teva Pharmaceutical Finance Netherlands Iii … 3.150 4.15 Oct. 1, ’26 94.875 1.25 91.750 InvscS&P500EW RSP 125.20 2.18 8.2 iShRussell2000 IWM 184.22 1.88 11.2 VangdFTSEDevMk VEA 45.77 1.60 3.9 iSh3-7YTreasuryBd IEI 132.82 –0.03 5.6 iShRussellMid-Cap IWR 66.09 1.21 10.9 VangdFTSE EM VWO 48.53 1.34 9.1 iShCoreDivGrowth DGRO 44.28 2.00 5.3 iShS&P500Growth IVW 61.14 1.28 26.3 VangdFTSE Europe VGK 58.43 1.55 –0.3 …And with the biggest price decreases iShCoreMSCIEAFE IEFA 67.35 1.46 3.2 iShS&P500Value IVE 126.71 2.12 –2.6 VangdFTSEAWxUS VEU 56.68 1.52 5.5 iShCoreMSCIEM IEMG 59.82 1.41 11.3 iShShortTreaBd SHV 110.68 ... 0.2 VangdGrowth VUG 240.41 1.14 32.0 –0.65 iShCoreMSCITotInt IXUS 65.33 1.52 5.5 Howmet Aerospace HWM 5.950 4.50 Feb. 1, ’37 116.596 115.553 iShSilver SLV 21.63 –1.37 29.7 VangdHlthCr VHT 212.57 0.10 10.9 iShCoreS&P500 IVV 364.51 1.60 12.8 iShTIPSBondETF TIP 125.76 0.03 7.9 VangdHiDiv VYM 91.04 2.29 –2.8 Owens–Brockway Glass Container … 5.875 2.80 Aug. 15, ’23 108.000 –0.63 107.809 iShCoreS&P MC IJH 221.30 1.64 7.5 iSh1-3YTreasuryBd SHY 86.38 0.01 2.1 VangdIntermBd BIV 93.27 –0.05 6.9 iShCoreS&P SC IJR 87.93 2.45 4.9 iSh7-10YTreasuryBd IEF 120.07 –0.16 8.9 VangdIntrCorpBd VCIT 96.72 0.04 5.9 Ford Motor Credit … 3.813 2.79 Oct. 12, ’21 100.875 –0.50 101.150 iShS&PTotlUSStkMkt ITOT 83.17 1.55 14.4 iSh20+YTreasuryBd TLT 159.17 –1.00 17.5 VangdLC VV 169.95 1.61 15.0 –0.40 iShCoreUSAggBd AGG 118.10 –0.14 5.1 iShRussellMCGrowth IWP 190.48 –0.16 24.8 VangdMC VO 199.77 1.15 12.1 Xerox … 6.750 6.30 Dec. 15, ’39 105.000 106.380 iShSelectDividend DVY 97.37 3.30 –7.8 iShUSTreasuryBdETF GOVT 27.67 –0.23 6.7 VangdMBS VMBS 54.11 –0.02 1.8 iShESGAwareUSA ESGU 83.22 1.56 16.7 JPM UltShtIncm JPST 50.80 0.04 0.7 VangdRealEst VNQ 85.22 0.53 –8.2 ADT Security … 4.125 2.05 June 15, ’23 105.125 –0.38 105.750 iShEdgeMSCIMinEAFE EFAV 72.02 0.61 –3.4 PIMCOEnhShMaturity MINT 101.99 –0.01 0.4 VangdS&P500ETF VOO 333.74 1.62 12.8 –0.25 iShEdgeMSCIMinUSA USMV 66.84 0.91 1.9 SPDR BlmBarcHYBd JNK 107.54 0.26 –1.8 VangdST Bond BSV 82.86 0.02 2.8 Ligado Networks … 15.500 16.70 Nov. 1, ’23 97.250 98.000 iShEdgeMSCIUSAMom MTUM 152.06 0.50 21.1 SPDRBloomBar1-3MTB BIL 91.53 ... 0.1 VangdSTCpBd VCSH 83.03 0.08 2.5 Netflix NFLX –0.25 iShEdgeMSCIUSAQual QUAL 113.02 1.61 11.9 SPDR Gold GLD 169.59 –1.53 18.7 VangdSC VB 184.78 1.55 11.6 4.875 2.73 April 15, ’28 114.250 114.740 iSh5-10YIGCorpBd IGIB 61.37 –0.10 5.8 SchwabIntEquity SCHF 35.20 1.50 4.7 VangdTotalBd BND 88.22 –0.10 5.2 Ball BLL 5.000 1.45 March 15, ’22 104.548 –0.20 104.625 iShGoldTr IAU 17.24 –1.49 18.9 SchwabUS BrdMkt SCHB 87.71 1.48 14.1 VangdTotIntlBd BNDX 58.44 –0.07 3.3 iShiBoxx$InvGrCpBd LQD 137.43 –0.23 7.4 SchwabUS Div SCHD 64.41 2.48 11.2 VangdTotIntlStk VXUS 58.45 1.48 5.0 iShiBoxx$HYCpBd HYG 86.31 0.30 –1.9 SchwabUS LC SCHX 87.95 1.52 14.5 VangdTotalStk VTI 187.59 1.55 14.6 *Estimated spread over 2-year, 3-year, 5-year, 10-year or 30-year hot-run Treasury; 100 basis points=one percentage pt.; change in spread shown is for Z-spread. iShJPMUSDEmgBd EMB 114.19 0.14 –0.3 SchwabUS LC Grw SCHG 121.27 1.08 30.5 VangdTotlWrld VT 89.47 1.52 10.5 Note: Data are for the most active issue of bonds with maturities of two years or more iShMBSETF MBB 110.15 –0.02 1.9 SchwabUS SC SCHA 83.96 1.87 11.0 VangdValue VTV 117.70 2.10 –1.8 Source: MarketAxess P2JW330000-1-B01200-1------XA

B12 | We dnesday, November 25, 2020 * THE WALL STREET JOURNAL. BANKING & FINANCE SEC Floats Pay Options for Gig Workers

Proposed rule would the regulator in recent years itscurrent form, however, nies’ stock price,” LauraPa- to allowthem to do so. because the 60-daypublic din, asenior staff attorney at allow online-platform TheSEC’sproposed rule comment period won’t allow the National Employment companies to include would allowinternet-based the SEC to completethe rule LawProject, wroteina2019 platform companies to payas beforeMr. Clayton departs lettertothe SEC.“Yet, by la- shares in packages much as 15% of agig around the end of the year. beling their workersasinde- worker’s annual compensa- Hissuccessor will be ap- pendent contractors, they BY PAUL KIERNAN tion in the form of equity,up pointedbythe administra- seek to denythem the many to alimit of $75,000 over tion of President-elect Joe legal protections and benefits WASHINGTON—Privately three years. OL Biden, aDemocrat. that attach to employees.” PO

held online platform compa- It would be limited to S Critics of the gig economy TheSEC’stwo Democratic nies such as DoorDash and workerswho provide bona saythe push by platform commissioners, Caroline

UrbanSitter could paytheir fide services through the KI/PRES companies to paytheir work- Crenshawand Allison Herren

workerspartially in stock un- company’splatform, rather OWS ersinstock reflectsadesire Lee, votedagainst the pro- der arule proposed Tuesday than people who use apps to to reap the benefitsofem- posal, saying that the subset by the Securities and Ex- sell goods. SMIAL ploying,insome cases,thou- of companies chosen to bene- changeCommission. “Workerswho participate AN sands of people while avoid- fitfromthe newexemption

So-called gig-economy in the gig economyhavebe- BREND ing the responsibilities,such appeared arbitrary. workerscurrently don’t qual- come increasingly important Jay Clayton has sought to expand access to private securities. as offering benefitsand pay- “Wecannot find anyprin- ifyfor SEC exemptions that to the continued growth of ing the minimum wage. cipled basis forthe policy allowprivatefirms to offer the broader U.S. economy,” ticipateatameasured level… and one of his topdeputies, “They want aloyal and choicetosingle out aspecific equity compensation to their said SEC Chairman JayClay- in the growth of the former Silicon Valley deals committedworkforce,which platform-based business employees and contractors. ton, aTrump appointee. companies that their efforts lawyer William Hinman,to is whythey seek achangeto model foraparticular com- Firms including Uber “The rules we arepropos- support,” he added. expand access to privatese- [SEC rules] that would align petitiveadvantage,” Ms. Technologies Inc.—beforeit ing todayare intended to al- Theproposal marks the curities. their platform workers’ com- Crenshawand Ms.Lee said in went public—have lobbied lowplatform workerstopar- latest movebyMr. Clayton It is unlikely to advancein pensation with the compa- ajoint statement. Credit Suisse Hit For $450 Million In Fund’s Retreat

BY MARGOT PATRICK scandallast year. Credit Suisse wasamong Credit Suisse Group AG is banks including Goldman Sachs taking anear half-billion-dollar Group Inc.and JPMorgan charge on astake in ahedge- Chase &Co. that invested in fund businessitbought during hedge-fund firms or their Wall Street’sfrenzy foralterna- funds to plug in to growth in

S tiveinvestmentsadecade ago. alternativeassetssincethe

NEW A 30% stake in York Capital start of the century. Those ac- G Management cost Credit Suisse tivities were largely halted af- $425 million in 2010.OnTues- terthe financial crisis when

OOMBER day, it said it expectstotakea newregulations made it more

A/BL $450 million charge in the costly and added redtape for fourth quarter to reflect aplan banks holding such invest- GARR

CE by the U.S. asset manager to ments. O narrow itsactivities.The charge York Capital said on Monday

ANDR won’t affect Credit Suisse’sdivi- it would largely exit itsstrug-

ALEJ dend or sharebuyback plans for glinghedge-fund businessto The company will spend $83 billion over the next decade to more than double its renewables capacity. An Enel solar plant in Mexico. 2021, the bank said. focus on better-performing Investorstook the surprise units. Thefirm, started by Ja- hitintheir stride,with shares mie Dinan in 1991, rode awave UtilityEnel LiftsGreen-Energy Ambition rising Tuesdayfollowing the of strong performanceand announcement. growing investment by institu- Thecharge at Credit Suisse tional investorsintohedge BY SARAH MCFARLANE which also includes invest- tablished players. crease the paceofthe transi- adds to around $1 billion in funds, with itsassetsunder mentsinelectricity infra- Enel’splanned expansion of tion to low-carbon energy,as loan and credit lossprovisions management hitting ahigh of LONDON—Enel SpAplans structure, batteries and hy- itsrenewable capacity follows governmentsstrivetoinclude at thebank so far this year, $26billion in 2015.Morere- to spend €70billion, equiva- drogen produced from asimilar movebySpain’s green measures in their eco- most of it takeninthe firsttwo cently it—along with some lent to $83 billion, expanding renewable energy. Iberdrola, as well as pledges nomic rescue packages. quarterstoreflect expected ef- other longtime fund manag- itspresenceinwind and solar Chief ExecutiveFrancesco by majoroil companies like TheEuropean Union,for in- fectsonborrowers from the ers—has been hit by weaker re- powerinthe coming decade, Starace said therewereop- BP PLC and RoyalDutch Shell stance, has committedto coronavirus pandemic.Those turns and challenges in itslead- seeking to cement itsposition portunities to grow in both PLC to invest moreinlow-car- spending around athirdofits loan losses areproportionally ership succession plans.Assets as the world’slargest renew- Europe and the U.S.,wherehe bon power. €750 billion recovery fund on less than at some U.S. and Eu- under management slipped to able-energy producer outside hopes aBiden administration Renewable energy’s share addressing climateconcerns. ropean rivals,reflecting Swit- around $15.7billion as of Oct. 1. China and to capitalizeonthe will focus on the continuing of electricity generation is ex- Enel also said Tuesdaythat zerland’srelatively strong eco- Credit Suisse held the York shifttogreen energy. transition to cleaner energy. pected to grow to 33% by it would accelerateits exit nomic performance through the stakeinits asset management TheItalian utilities com- “Wesee the U.S. still re- 2025,from27% this year,ac- from coal. Thecompanyis pandemic. business, which is part of itsin- panywas an early mover in maining very large in terms of cording to the International one of the largest ownersof But they add to other set- ternational wealth management renewable energy,giving it— potential growth,” Mr.Starace Energy Agency. coal powercapacity in Eu- backsatthe bank this year.A division. It intends to have a alongwith Iberdrola SA and said. Enel shares rose 4% Tues- rope but nowplans to phase portion of the loan-losscharges continuing interest in anew NextEraEnergy Inc.—an edge Renewable energy genera- dayand areup18% so far this out coal by 2027,three years relatetoalleged frauds,includ- hedgefund York is spinning out amid increasing global de- tion hasgrown in the U.S. in year,versus a5%gain forthe earlier than previously ing at Chinese coffee company of itsAsia Pacific business, the mand forlow-carbon power, recent yearstothe extent that Stoxx Europe 600 Utilities in- planned. It said the move Luckin. Thebank also came un- companysaid. In October, and putting the trio among green energy consumption dex. would help boost the com- der scrutinyfrominvestors Credit Suisse Chief Executive the world’smost valuable en- overtook coal last year,as That rise haspropelled pany’semission-free electric- over aset of supply-chain fi- Thomas Gottstein said the as- ergy companies. utility companies set climate- Enel, along with Iberdrola and ity production to 85% by nancefunds it manages and for set-management unit would Enel said Tuesdaythat its changegoals and the cost of NextEra, to join the ranks of 2030,fromaround 66% this itsmarketing of abond tied to keep itsfocus on alternativein- plannedinvestmentswould wind and solar powerfalls rel- some of the world’smost year. shares in Wirecard AG before vestments. help boost itsrenewable ative to coal. valuable and important energy With Enel’sinvestment the fintech’sJune collapse.In Thebank is aiming to return powercapacity to 120 giga- However, some analysts companies at atime when tra- plans,its market shareisex- September,Switzerland’sfinan- between 1billion Swissfrancs watts, from the current 45 caution that increased compe- ditional major oil companies pected to near 5% in the next cial regulator started enforce- and 1.5billion Swissfrancs, gigawatts. tition in the renewables in- have been hit by the coronavi- decade,fromaround 2.8% ment proceedingsaround equivalent to between $1.1 bil- Themoveispart of a dustry, as morecompanies en- ruspandemic. this year,Mr. Starace fore- Credit Suisse’scontrols on ob- lion and $1.6billion, to share- broader €160 billion spending terthe fray,could reduce Covid-19 has sapped de- cast. “Wewill still be by far servationsofemployees out- holdersthrough buybacks from program over the next decade, profitsfor Enel and other es- mand foroil and could in- thelargest player,” he said. side work,following aspying the firstquarter of 2021.

packagethem intobonds,a under three years, and the accountswill be offered both Despitethe recent uptick, tween applying forand re- More Firms type of funding that canbe- weighted-average annual per- online and at bricks-and-mor- the number of bank applica- ceiving approval forbank come costlier or dryupina cent rate of 33.3%. tarlocations. tions on file is still lowbyhis- charters. crisis. Having abanking license In addition to Oportun, re- torical standards. In addition to the OCC, Seek Bank Oportun wasfounded in will enable Oportun to lend cent applicantsfor anational- Morethan 30 companies wannabe national banks must 2005 with amission to serve nationwide and stop having to bank charter include finan- filed with the OCCtobecome also getthe blessing of the underbanked Hispanic con- maintain different licenses in cial-tech startup Social nationalbanks in each of the FDIC to offer insured depos- Charters sumersinthe U.S. Today, it the states whereitdoes busi- FinanceInc., HR software 2007 and 2008 fiscal years. In its, and their parent compa- offerspersonal loans of up to ness, Mr.Vazquezsaid. maker Ceridian HCM Holding the firsthalf of 2020,only nies need Federal Reserveap- $10,000 to low- and moder- “There’sstill alot of the Inc.and newly formed com- two newcommercial banks proval to become bank ContinuedfrompageB1 ate-income consumersin12 countrywhereweweren’t munity-banking organizations started filing quarterly finan- holding companies.Ittook Executive Raul Vazquez. states.Oportun’sloans,which making our inclusive, afford- in NewOrleans and Houston. cial reportswith the FDIC for Varo Money about three years Specialty lendersthat aredesigned as alternatives able productsavailable,” Mr. BrokerageEdwardJones &Co. the firsttime.In2007,there to getthe final nod from all aren’t banks oftensell their to payday and auto-title loans, Vazquezsaid. applied to Utah regulatorsto were 164 newfilers. the relevant agencies to start loans to money managersor have an averageterm of just Oportun loans and deposit open itsown bank in July. Therecan be along lag be- itsbank.

YTD YTD YTD YTD YTD YTD YTD Mutual Funds Data provided by Net Net Net Net Net Net Net Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret EdgewoodGrInst 51.48 +0.19 33.6 InvGrBd 11.84 -0.01 8.9 JPMorgan I Class PIMCO Funds I2 CapOpAdml r185.61 +2.87 17.7 ValAdml 45.92 +0.95 0.5 WndsrII 40.05 +0.82 10.8 Top250 mutual-funds listings forNasdaq-published shareclasses by net assets. Fidelity LowP r 49.22 +0.96 5.6 CoreBond 12.46 -0.01 NA Income NA ... NA DivAppIdxAdm 37.74 +0.48 13.1 WdsrllAdml 71.08 +1.46 10.9 VANGUARD INDEX FDS e-Ex-distribution. f-Previous day’squotation. g-Footnotesxand sapply. j-Footnotese 500IdxInstPrem126.37 +2.01 14.4 Magin 12.52 +0.08 22.7 EqInc 19.58 +0.36 NA PIMCO Funds Instl EMAdmr 40.30 +0.31 10.8 WellsIAdml 69.70 +0.43 7.7 IdxIntl 18.76 +0.26 6.5 and sapply. k-RecalculatedbyLipper,using updateddata. p-Distribution costsapply, Contrafund K6 18.22 +0.17 25.9 OTC 16.56 +0.23 38.0 JPMorgan R Class IncomeFd NA ... NA EqIncAdml 78.81 +1.48 1.6 WelltnAdml 79.95 +0.80 8.8 SmValAdml 59.56 +1.51 2.6 12b-1. r-Redemption charge mayapply. s-Stock split or dividend. t-Footnotespand r ExtMktIdxInstPre 78.53 +1.05 23.1 Puritn 25.84 +0.18 17.2 CoreBond 12.48 -0.01 NA Price Funds ExplrAdml 117.72 +0.85 21.1 WndsrAdml 75.44 +2.13 5.5 TotBd2 11.54 -0.01 6.9 apply. v-Footnotesxand eapply. x-Ex-dividend. z-Footnote x, eand sapply. NA-Not FidSerToMarket 12.58 +0.19 15.9 SrsEmrgMkt 24.27 +0.31 17.6 Lord Abbett A BlChip 162.46 +1.99 30.6 ExtndAdml 116.75 +1.56 23.1 VANGUARD FDS TotIntlInstIdx r125.50 +1.75 6.6 available due to incompleteprice, performanceorcostdata. NE-Notreleased by Lipper; IntlIdxInstPrem 44.74 +0.74 4.1 SrsGlobal 14.01 +0.21 6.4 ShtDurIncmA p 4.19 ... 2.2 DivGro 58.58 +0.93 10.9 GNMAAdml 10.72 ... 3.4 DivdGro 33.32 +0.45 10.0 TotItlInstPlId r125.53 +1.76 6.6 data under review. NN-Fund nottracked. NS-Fund didn’texistatstart of period. MidCpInxInstPrem 26.44 +0.34 12.5 SrsGroCoRetail 28.11 +0.09 58.4 Lord Abbett F EqInc 31.32 +0.87 -0.4 GrwthAdml 123.78 +1.40 32.8 INSTTRF2020 26.41 +0.19 9.5 TotSt 91.26 +1.41 16.0 SAIUSLgCpIndxFd 19.52 +0.31 14.3 SrsIntlGrw 19.82 +0.15 13.1 ShtDurIncm 4.19 ... 2.3 EqIndex 96.73 +1.54 14.2 HlthCareAdml r 93.21 +0.29 9.2 INSTTRF2025 27.30 +0.23 10.4 VANGUARD INSTL FDS SeriesBondFd 10.79 -0.01 7.4 SrsIntlVal 10.02 +0.26 1.2 Lord Abbett I Growth 95.75 +1.19 30.5 HYCorAdml r 5.93 +0.02 4.0 INSTTRF2030 27.83 +0.27 10.8 BalInst 43.74 +0.38 13.4 Tuesday, November 24, 2020 SeriesOverseas 11.93 +0.09 10.7 TotalBond 11.26 ... 8.4 ShtDurInc p 4.19 ... 2.4 HelSci 98.60 -0.33 21.1 InfProAd 28.17 +0.02 9.2 INSTTRF2035 28.35 +0.31 11.2 DevMktsIndInst 14.71 +0.24 5.4 Net YTD Net YTD Net YTD Fidelity SAI Metropolitan West LgCapGow I 58.50 +0.80 32.8 DevMktsInxInst 22.99 +0.37 5.4 Fund NAV Chg %Ret Fund NAV Chg %Ret Fund NAV Chg %Ret SmCpIdxInstPrem 23.60 +0.45 12.5 IntlGrAdml 152.45 +1.64 48.3 INSTTRF2040 28.85 +0.35 11.5 TMktIdxInstPrem104.68 +1.61 15.9 TotalBd 10.69 ... 7.9 TotRetBd 11.67 -0.01 8.2 MidCap 112.32 +0.67 17.8 ITBondAdml 12.63 -0.01 9.2 INSTTRF2045 29.28 +0.38 11.8 ExtndInst 116.74 +1.56 23.2 GrwthInst 123.79 +1.41 32.8 American Century Inv WshA p 50.01 +0.84 5.4 EmgMktVa 27.29 +0.28 -2.9 USBdIdxInstPrem 12.46 -0.01 7.4 Fidelity Selects TotRetBdI 11.67 ... 8.5 NHoriz 87.40 -0.41 47.2 ITIGradeAdml 10.67 -0.01 9.4 INSTTRF2050 29.36 +0.39 12.0 InPrSeIn 11.48 +0.01 9.3 Ultra 73.60 +0.98 41.1 Baird Funds EmMktCorEq 22.91 +0.20 7.1 Fidelity Advisor I Softwr r 26.08 +0.36 35.6 TRBdPlan 10.97 -0.01 8.4 R2020 24.36 +0.21 10.3 LTGradeAdml 12.13 -0.06 14.8 INSTTRF2055 29.48 +0.39 12.0 InstIdx 325.01 +5.17 14.4 American Funds Cl A AggBdInst 11.86 -0.02 8.0 IntlCoreEq 14.01 +0.25 3.0 NwInsghtI 38.97 +0.33 19.2 Tech r 29.00 +0.37 51.7 MFS Funds Class I R2025 19.82 +0.20 11.5 MidCpAdml 247.40 +2.72 13.6 IntlVal 39.10 +0.87 4.2 InstPlus 325.03 +5.17 14.4 AmcpA p 38.47 +0.42 16.6 CorBdInst 12.20 -0.03 8.0 IntSmCo 19.37 +0.29 3.0 Fidelity Freedom First Eagle Funds Growth I 159.46 +0.96 25.4 R2030 29.10 +0.33 12.4 MuHYAdml 11.87 +0.01 4.1 LifeCon 22.70 +0.13 9.4 InstTStPlus 78.11 +1.20 16.1 AMutlA p 44.52 +0.64 4.0 BlackRock Funds IntSmVa 18.47 +0.35 -4.2 FF2020 17.40 +0.14 10.7 GlbA 61.21 +0.77 5.6 ValueI 45.03 +0.83 2.3 R2035 21.54 +0.27 13.2 MuIntAdml 14.80 ... 4.5 LifeGro 40.01 +0.48 11.6 MidCpInst 54.65 +0.60 13.6 BalA p 30.41 +0.27 8.5 HiYBlk 7.70 +0.03 3.6 LgCo 27.94 +0.44 14.3 FF2025 15.53 +0.14 11.2 Franklin A1 MFS Funds Instl R2040 30.85 +0.41 14.0 MuLTAdml 12.20 -0.01 5.2 LifeMod 31.65 +0.27 10.6 MidCpIstPl 269.54 +2.97 13.6 BondA p 14.15 -0.01 10.0 HiYldBd Inst 7.69 +0.03 3.5 TAUSCoreEq2 22.20 +0.39 11.5 FF2030 19.37 +0.20 11.8 CA TF A1 p 7.78 ... 4.4 IntlEq 29.67 +0.32 6.5 PRIMECAP Odyssey Fds MuLtdAdml 11.24 ... 3.0 STAR 31.89 +0.32 17.4 SmCapInst 88.52 +1.33 12.6 CapIBA p 62.42 +0.80 1.3 BlackRock Funds A US CoreEq1 28.68 +0.50 12.1 Freedom2020 K 17.39 +0.14 10.7 IncomeA1 p 2.28 +0.04 2.2 Old Westbury Fds AggGrowth r 54.23 +0.46 20.8 MuShtAdml 15.94 ... 1.7 TgtRe2015 16.45 +0.08 8.4 STIGradeInst 11.00 ... 4.8 CapWGrA 57.07 +0.85 10.6 GlblAlloc p 21.68 +0.24 15.0 US CoreEq2 26.04 +0.46 11.3 FrankTemp/Frank Adv LrgCpStr NA ... NA Putnam Funds Class Y Freedom2025 K 15.51 +0.14 11.2 PrmcpAdml r161.61 +2.80 12.1 TgtRe2020 35.62 +0.26 9.5 STIPSIxins 25.52 +0.03 3.9 EupacA p 64.94 +0.86 16.7 BlackRock Funds Inst US Small 36.84 +0.85 6.1 IncomeAdv 2.26 +0.04 2.3 Parnassus Fds StDurInc 10.10 ... 1.4 Freedom2030 K 19.35 +0.19 11.9 RealEstatAdml120.82 +0.68 -5.8 TgtRe2025 21.89 +0.18 10.3 TotBdInst 11.62 -0.01 7.3 FdInvA p 66.77 +0.92 10.2 StratIncOpptyIns 10.25 ... 5.4 US SmCpVal 33.77 +1.04 -1.0 FrankTemp/Franklin A ParnEqFd 52.00 +0.62 17.3 Schwab Funds Freedom2035 K 16.50 +0.21 12.8 SmCapAdml 88.52 +1.33 12.6 TgtRe2030 40.39 +0.40 10.8 TotBdInst2 11.54 -0.01 7.0 GwthA p 66.12 +0.90 29.3 Bridge Builder Trust USLgVa 37.20 +0.97 -1.9 Growth A p 139.31 +0.90 24.1 PGIM Funds Cl Z 1000 Inv r 82.61 +1.28 16.1 Freedom2040 K 11.64 +0.16 13.5 SmGthAdml 86.36 +0.19 24.0 TgtRe2035 25.03 +0.27 11.1 TotBdInstPl 11.62 -0.01 7.3 CoreBond 10.98 -0.02 7.8 RisDv A p 78.66 +1.13 13.8 TotalReturnBond NA ... NA HI TrA p 9.97 +0.03 4.2 Dodge & Cox Fidelity Invest S&P Sel 56.51 +0.90 14.4 STBondAdml 10.86 ... 4.4 TgtRe2040 43.63 +0.53 11.5 TotIntBdIdxInst 35.06 -0.02 4.2 CorePlusBond 10.75 ... 8.3 Guggenheim Funds Tru PIMCO Fds Instl ICAA p 43.51 +0.75 11.8 Balanced 105.05 +2.16 6.7 Balanc 27.65 +0.30 18.0 TSM Sel r 64.83 +1.00 15.9 STIGradeAdml 11.00 ... 4.7 TgtRe2045 27.66 +0.37 12.0 TotStInst 91.31 +1.41 16.1 Intl Eq 13.12 +0.19 9.4 IncoA p 23.41 +0.27 3.2 Income 14.90 ... 8.5 BluCh 156.14 +1.43 51.1 TotRtnBdFdClInst 30.15 -0.01 13.8 AllAsset NA ... NA TIAA/CREF Funds TotBdAdml 11.62 -0.01 7.3 TgtRe2050 44.56 +0.60 12.0 ValueInst 45.92 +0.95 0.5 IntBdA p 14.23 ... 7.0 LargeCapGrowth 20.38 +0.24 28.7 Intl Stk 43.29 +1.30 -0.7 Contra 17.36 +0.17 27.5 Harbor Funds HiYld 8.98 +0.03 3.7 BdIdxInst 11.66 -0.02 7.1 TotIntBdIdxAdm 23.37 -0.01 4.1 TgtRet2055 48.37 +0.65 12.0 WCM Focus Funds N PerA p 58.94 +0.81 24.7 LargeCapValue 14.45 +0.33 7.1 Stock 198.46 +6.04 5.7 ContraK 17.39 +0.16 27.5 CapApInst 109.35 +1.02 44.4 InvGrdCrBd 11.24 ... 6.2 EqIdxInst 27.06 +0.42 15.9 TotIntlAdmIdx r 31.38 +0.44 6.5 TgtRetInc 15.04 +0.06 8.2 WCMFocIntlGrwIns 23.66 -0.01 25.1 NEcoA p 57.26 +0.47 25.2 Columbia Class I DoubleLine Funds CpInc r 10.53 +0.08 6.7 Harding Loevner ShortT 9.86 ... 2.5 VANGUARD ADMIRAL TotStAdml 91.29 +1.40 16.1 TotIntBdIxInv 11.69 ... 4.2 Western Asset NwWrldA 83.04 +0.86 17.7 DivIncom I 25.46 +0.40 5.9 CoreFxdIncmI 11.29 -0.01 4.6 DivIntl 45.66 +0.26 12.7 IntlEq 26.87 +0.21 12.9 TotRt 10.95 -0.02 8.3 500Adml 336.27 +5.36 14.4 TxMCapAdml190.55 +2.92 16.3 USGro 63.43 +0.47 47.4 CoreBondI NA ... NA SmCpA p 72.98 +0.19 24.1 Dimensional Fds TotRetBdI NA ... NA GroCo 33.42 +0.11 56.5 Invesco Funds Y PIMCO Funds A BalAdml 43.73 +0.38 13.4 TxMIn r 14.69 +0.24 5.4 WellsI 28.77 +0.17 7.6 CorePlusBdI NA ... NA TxExA p 13.56 ... 3.9 5GlbFxdInc 10.89 ... 1.5 Edgewood Growth Instituti GrowCoK 33.50 +0.12 56.6 DevMktY 51.35 +0.65 12.6 IncomeFd NA ... NA CAITAdml 12.35 ... 4.3 USGroAdml 164.43 +1.22 47.6 Welltn 46.30 +0.47 8.7 CorePlusBdIS NA ... NA P2JW330000-0-B01300-1------XA

THE WALL STREET JOURNAL. We dnesday, November 25, 2020 | B13 MARKETS German Index Tightens Rules

BY PAUL J. DAVIES

Germany’sleading stock in- dexexpanded itssizeand changedrules to boost the quality of itsconstituent com- panies,amovesparked in part by the collapse of payment company Wirecard AG caused by a multibillion-dollar fraud. Deutsche BörseAG, which owns the DAX-30 index, said Tuesdayall potential members would have to achieve a mea- sureofpositiveoperating profit—known as earningsbe- fore interest, tax, depreciation and amortization—for two full yearsbeforejoining.The in- dex, which represents around $1.2 trillion in market value, will also be expanded from 30 to 40 members. SE/REUTERS BA In August, Deutsche Börse made it easier to kick constit- ONE DR uentsout of the index. Wire- With crude prices climbing, energy producers have been among the stock market’s best performers in recent days. Storage tanks in Cushing, Okla. card,which went intothe Ger- man equivalent of bankruptcy in June, languished in the in- dexfor morethan amonth be- Oil Gains on Hopes for Demand fore itsexpulsion. Thefor- merly highflying payments group wasthe firstmember of BY AMRITH RAMKUMAR Corp. and Exxon Mobil Corp. other speculativeinvestors ties and currencies. While manyanalystsare the prestigious indextocol- because oil demand rises when have lifted net bets on higher With oil prices climbing, optimistic about the outlook lapse into insolvency. Arecent rise in oil prices morepeople aredriving and U.S. crude prices in recent energy producershavebeen fordemand in 2021, thereis German prosecutorsare in- continued on Tuesday, sending flying and ships laden with weeks,Commodity Futures among the stock market’sbest also concern that recent re- vestigating the companyand crude to itshighest level since goods aretraveling all over TradingCommission data performersinrecent days.The strictions in Europe to curb several of itsformer topexec- early March with investors the world. Thepandemic show. S&P 500 energy sector is up the pandemic and rising cases utives on suspicion of an orga- wagering on abrighter eco- fueled adropinfuel demand In addition to vaccine trial morethan 35% this month, in the U.S. could lead to a nized and complex fraud. nomic outlook and higher de- early in the year and results, Wall Street analysts with companies like Diamond- short-term oversupply this One rule changeannounced mand for fuel. prompted afresh selloff in late have also cheered Joe Biden’s back Energy Inc.and Occi- winter. Tuesdaythat might have made U.S. crude-oil futures for October,but tradersnow ex- recent victoryinthe presiden- dental Petroleum Corp. par- Elsewhereincommodities adifferencetoWirecardis Januarydeliveryadvanced pect arecoveryinconsump- tial election. Manytradershad ing some of their sizable 2020 Tuesday, most actively traded that DAXcompanies must 4.3% to $44.91 a barrel, rally- tion to extend the oil rebound feared acontested outcome or declines.Some tradersview gold futures slid 1.8% to have an audit committee and ing forthe into 2021. disruptions related to mail-in the rebound in energy stocks $1,804.60 atroyounce, con- it must adheretoGerman Cor- COMMODITIES sixth time in “It’satotal changeofvibe,” voting that would leave the re- as a bullish sign for the com- tinuing arecent selloff with porateGovernanceCode rec- seven ses- said Robert Yawger,director sult in doubt forweeks after modity market because shares tradersselling the haven ommendations about howit sions and eclipsing their peak of the futures division at Miz- Election Dayand add to al- of producers tend to be more metal amid optimism about works. The code says that an closing level from lateAugust. uho Securities USA. “Every- ready elevated levels of eco- extreme than oil prices,rising the global economic outlook. audit committeemust be Oil started the year above$60, thing is much morepositive nomic uncertainty. faster when crude climbs but headed by an independent di- briefly tumbled below$0for now.” Some investorsare also losing value morequickly rector who isn’t also the chair- the firsttime in April as coro- In another sign analystsare pleased with Mr.Biden’s ex- when oil drops. AUCTION RESULTS Here are the results of Tuesday's Treasury auctions. man of the supervisoryboard. navirus shutdowns crippled more optimistic about future pected nomination of former Analysts arewaiting to see All bids are awarded at a single price at the market- clearing yield. Rates are determined by the difference demand, then rebounded oil demand, U.S. crude futures Federal Reserve Chairwoman whether the Organization of between that price and the face value. around $40 this summer. that expire next summer now Janet Yellen to be the next the Petroleum Exporting Prices had hovered around cost more than futures expir- Treasurysecretary. Analysts Countries and allies like Rus- SEVEN-YEAR NOTES Potential members Applications $140,691,461,200 the $40 level for months, but ing later in 2021. That condi- expect Ms. Yellen to advocate sia continue existing supply Accepted bids $63,768,886,200 would need two full upbeat coronavirus vaccine tion, known as backwardation, for more stimulus to support cuts following recent price " noncompetitively $3,072,400 trialresults in recent weeks signals higher expected con- the economyasitrecovers gains.Earlier in the month, " foreign noncompetitively $0 years of positive Auction price (rate) 99.808717 areigniting fresh gains.The sumption and sends a bullish from the pandemic. analysts had expected OPEC (0.653%) Interest rate 0.625% operating profit. datafromModerna Inc.and signal to investors who often “The assumption is that she Plusmight have to deepen Bids at clearing yield accepted 70.41% the duos of Pfizer Inc.and Bi- have to sell contractsthat ex- would work with [current Fed production cutstosupport Cusip number 91282CAY7 oNTech SE and AstraZeneca piresooner and buy longer- Chairman Jerome] Powell to falling oil prices amid arise in The notes, dated Nov. 30, 2020, mature on Nov. 30, PLC and the University of Ox- dated futures. getasupersized stimulus coronavirus cases around the 2027. Wirecard didn’t have any ford arefueling hopes that Brent crude,the global package” involving both fiscal world. ONE-YEAR, 11-MONTH FRNs boardcommittees when it global consumers will be vac- gaugeofoil prices,added 3.9% and monetarysupport, Mr. If the cartel and itspart- Applications $69,643,338,500 Accepted bids $24,000,088,500 joined the DAX 30 in Septem- cinated morequickly than pre- to $47.86 abarrel on Tuesday, Yawger said. ners roll back supply curtail- " noncompetitively $14,338,500 ber 2018, about the time that viously expected and could re- also posting its highest close That optimism aboutthe mentsorseem to be wavering Spread 0.055% Bids at clearing yield accepted 44.54% itsmarket value peaked at al- sume traveling. since March. global economy is prompting on their support forthe oil Cusip number 91282CAS0 most 24 billion euros (equiva- That would be aboon for With the demand outlook gains in growth-sensitiveas- market, the recent rally could The floating-rate notes, dated Nov. 27, 2020, mature lent to $28 billion). It chose energy producerslike Chevron brightening, hedge funds and sets across stocks, commodi- fade, traders caution. on Oct. 31, 2022. not to set up committees be- cause it had asmall supervi- soryboardofjust five mem- bers. Wirecard only set up an Emerging-Market Funds See Record Inflows audit committeein2019 after Thomas Eichelmann, who later became chairman, joined the BY ANNA HIRTENSTEIN Netcapital flows into Change in returns forU.S and board. emerging markets, monthly emerging-market ETFs Thenew DAXrules saythat Theamount of money flow- an audit committeewill be a ing intoemerging-market $20 billion 20% requirement fornew members funds last week hit arecord iShares Core from March next year,while high, as advances in vaccine S&P500 ETF existing memberswill have to development and aweaker meet the standardbySeptem- dollar boosted investors’ risk 0 0 ber 2021. appetite. Therule requiring that Investorschanneled $10.8 companies achieveanoperat- billion intofunds that invest ing profit bringsthe DAXmore in emerging-market stocks and –20 –20 in line with other indexpro- bonds,according to research viders. In the U.S.,the S&P from Bank of Americaand CK TO 500’srule that potential mem- EPFR data,asum the bank bers must post four consecu- said wasthe highest ever.The –40 –40 iShares MSCI tive quartersofaccumulated largest net purchases by for- SHUTTERS

Emerging Markets A/ profitsisone of the things eign investorsincluded Indian

ex China ETF /EP

that long kept electric car and South Korean equities,as NV maker Tesla out of the index. well as Mexican government –60 –60 Tesla is set to join the indexin debt, according to datafrom

Jan. Sept. Jan. Nov. GADEESH

December.“Market partici- Capital Economics. JA pantswill benefit from asim- Theactivity marked aturn- Sources: Morningstar (flows); FactSet (ETFs) The largestnet purchases included Indian and South Korean equities. ple set of rules in line with in- around formanydeveloping ternational standards and new economies, which have been recoveries. fund manager at Pictet Asset Meanwhile,the dollar has rent environment, in places qualification criteria forthe largely shunned this year due Manyemerging-market Management. been falling forseveral weeks, likeSouth Africaand Mexico,” German benchmark index,” to the spread of the coronavi- stocks andbonds still have He is overweight emerging as the Federal Reserveisex- said EdwardGlossop, an econ- said Stephan Flägel, Global rus and the subsequent hit to bargain-bin prices—an MSCI markets, meaning his fund pected to continue to flood the omist with a focus on emerg- Head of Benchmarks &Indices global growth. Fund managers indexthat tracks emerging- holdsmorethan the bench- market with dollarstosupport ing marketsatCapital Eco- at Qontigo, the unit of pulled morethan $70billion market stocks,excluding mark it tracks.China forms the U.S. economy. TheWSJ nomics. Deutsche Börsethat runs in- outofemerging marketsin China, is essentially flat for the bulk of his allocation, but Dollar Index, which measures Kieran Curtis,anemerging- dexes and financial data. March, April and May, accord- the year.Incomparison, the he said he has also bought the dollar against a basket of market fund manageratAber- ing to Morningstar. S&P 500 has rallied almost some Brazilian and Mexican itspeers, on Tuesdayhovered deen StandardInvestments, Sharepriceand index But positive developments 12%. assets recently. close to a 2½-year low. has bought Mexican and Bra- performance forvaccines in recent weeks There was yet another an- Brazil’sBovespa stock index Oil, metals and most other zilian government debt for have investorspreparing for nouncement of a milestone in and Mexico’sIPC indexhave major commodities arepriced this reason. He has also re- Wirecard DAX lifeafter Covid-19,and some vaccine research on Monday, both climbed morethan 14% in dollars, so this delivered a cently snapped up bonds is- 150% aremaking betsonhow to this time from AstraZeneca so far this month. Theyield on boosttodemand and sellers. sued by Caribbean islands reap the biggest rewards. PLC, which has been working Mexico’sbenchmark 10-year Countries that generateasig- such as the Bahamas in a bet “Investorsare becoming with researchersatOxford bond fell below 5.9% on Mon- nificant portion of their gross that the vaccines will boost 100 morerisk loving,” said Jan University in the U.K. day, the lowest level in over domestic product from natural tourism. Dehn,head of research at Ash- Thecompanysaid itsvac- nine weeks. resources, also including Rus- To be sure, net flowsto moreGroup.“If the world is cine is up to 90% effectiveand These countries arealso ex- sia and South Africa, areex- emerging marketsfor the year 50 going to slowly getbetter, the will be priced between $3 and pected to perform well be- pected to benefit. arestill negative, meaning in- case for emerging markets in $5 ashot—significantly cause of their focus on com- Their currencies arereflect- vestorspulled moremoney particular becomes quitecom- cheaper than those developed modity exports, which should ing this. The ruble has appre- out of developing countries 0 pelling.” by competitorssuch as Pfizer getaboost from strong Chi- ciated 4.2% against the dollar than they have put back in. That is because manyde- Inc., BioNTech SE and Mod- nese economic growth and a this month. TheSouth African But some analystsexpect this veloping nations were hit the erna Inc. It also said that it weaker U.S. dollar. rand and Mexican peso both balance to shift. –50 hardest by the pandemic. was seeking to supply low-in- Chinareported a4.9%ex- traded close to their strongest “Thismix of currencyand Their governmentsand central come countries. pansion in the thirdquarter, levels sinceearly March on asset returns that really favor banks weren’t able to spend “Brazil, Mexico, India— and economistsare forecast- Tuesday. emerging markets, we see anywhere close to as much as wherethey’vehad severe ingits strength to continue “The currencystrength these trends extending into –100 the U.S. or Europe to support Covid experiences,this will intonextyear,with growth against the U.S. dollar means 2021,” said Mr.Ramjee.“The 2018 ’19 ’20 their economies,leading to help them quitealot,” said predictedtobeover8%in that central banks cancut EM storyisticking manyposi- Source:FactSet sharp contractions and flimsy ShanielRamjee,amultiasset 2021. rates a bit further in this cur- tive boxes.” P2JW330000-0-B01400-1------XA

B14 | We dnesday, November 25, 2020 THE WALL STREET JOURNAL. ON HEARDTHESTREET

FINANCIAL ANALYSIS &COMMENTARY Housing Market Faces Virus Hangover

Vaccination could alter the calculus for city dwellers considering moves to the suburbs cooling a home-buying boom

America’shousing market has Cape Codresidential property sales been radically changed by the Covid-19 crisis,and some of those 1,000 sales changes will persist. But the first thing to come afterthe crisis passes will be the hangover. Usually housing gets hammered in recessions,but during this down- 750 turn it has flourished. Desperatefor outdoor space, manyfamilies de- camped from cities forthe suburbs. Theability to work remotely led to asurge in demand forsecond homes in vacation areas such as 500

Cape Cod and Aspen. Historically GES

lowinterest ratesfueled the buying. IMA Thesurge in demand, particularly in towns,suburbs and exurbs near GETTY

major cities,boosted prices.Redfin, OBE/ an online real-estateplatform, re- GL 250 ON

portsthat median home prices were ST up 14.2% nationwide in October BO compared with ayear ago. In

Bridgeport, Conn., an area within CKI/THE

commuting distanceofNew York UMA 0 City,median prices rose 39.4%. TL 2019 ’20

But just as the housing market JOHN has roared amid the coronavirus The pandemic prompted many families to look for homes in towns, suburbs and exurbs near major cities. Source:Barnstable County Registry of Deeds pandemic,itcould cool with its passing—at least temporarily. traspacebecomes lesspressing. of the time when the crisis is over. as Airbnb and Expedia Group’sVrbo. losses could be adeath sentencefor Vaccines look as if they maybe- Moreover,this year’s spikes in home That makes theprospect of longer Companies’ experiences with re- businesses with lowmargins. come widely available by next sales mayhavepulled forwardhous- commutes to the officealittle less motework could embolden moreof Lowertax revenues forcities los- spring and summer.That matters ing activity that otherwise might onerous,increasing the appeal of them to establish satelliteoffices in ing population could pinch their fi- forthe housing market because have takenafew yearstoplayout. living in the suburbs and exurbs. places whereyoung workersare ea- nances,prompting them to raise those seasons arehistorically when Some urban couples who would nor- Owning avacation home may gertoliveand wherelowerliving taxesand reduceservices,making the most homes getsold: Datafrom mally have put off asuburban move nowmakemoreeconomic sense, costsmakeitpossible to paythose them lessattractiveplaces to live. the National Association of Realtors until they had school-agechildren too. Theability to work remotely for workersless. That could be boon for Municipalities on the receiving end shows that about 40% of sales con- already have bittenthe bullet. several weeks during school sum- cities such as Boulder,Colo., and of population shifts could boom, but tractsfor previouslyowned homes Still, therewill be long-term ef- mer holidays,for example,makes a Bend, Ore. Theresulting changes in will have to provide services and in- aresigned over the four months fectsthat could affect not just the condo on the beach or bungalowin the housing market could have ma- frastructuretohandle an influx of starting in March. housing market, but the overall the mountains that much moreen- jor effectsonthe economy. Fewer newresidents. Vaccination could alter the calcu- economy. ticing.Bythe same token, it maybe people commuting to work would WhereAmericans decide to move lus forcity dwellersconsidering Having proven their ability to easier to generateincome renting to reducepremiums on officespace afterthe Covid-19 crisis could alter moves to the suburbs.Ifschools work remotely during the pandemic, families looking forasimilar remote while taking abiteout of the sales far morethan the housing market. look as if they will go back to being morepeople will be able to work work experience, which could be a of restaurantsand retailersinbusi- —Justin Lahart in person next fall, the need forex- away from the officeatleast some win forhome shareplatforms such nessdistricts. Even slight sales and Laura Forman Christmas Came Early at Best Buy How Ye llen As Treasury Retailer saw impressive results last quarter but may have pulled forward some holiday demand Secretary All eyes areonthe holidayshop- ter. Inventorylevelshaveimproved ping season. That places uncomfort- greatly: They were afifth lower able pressureonBest Buy,which year-over-year at the end of the sec- Helps Biden has set itself up for high expecta- ond quarter and arenow down 1.5%. tions afterposting strong results Aside from concerns about near- last quarter. term sales growth, however, thereis Central bankersprobably spend Theretailer reported that sales alot to likeabout Best Buy.The re- some idle momentswishing they increased by 21.4% in the quarter tailer has shown aremarkable abil- could tell fiscal authorities what to ended Oct. 31 compared with ayear ity to anticipateshoppers’ needs, do.Expected to be tapped by Presi- earlier,blowing past the 12.8% esti- starting with the quick rollout of dent-elect JoeBiden to become the

matefromanalystspolled by Visible S curbside pickup when lockdowns next Treasurysecretary,former Fed- Alpha. Earningsper sharewere forced storeclosures.InSeptember, eral ReserveChairwoman Janet Yel- PRES $2.06,well ahead of the consensus the companystarted piloting apro- len will getachancetodojust that. estimateof$1.66. TED gram to convert some stores into ForMr. Biden, Ms.Yellen brings Despitethe earningsbeat, reve- OCIA hubs that handle moreshipping and alot to the table—not the least of SS

nue growth didn’t trickle smoothly /A nowapilot will test out different which is that her confirmation pro- down to the bottomline as less- storeformatsinMinneapolis.That cess should be easy.She wouldn’t

profitable online sales ateintomar- HARNIK mind-set will servethe retailer well be viewedasovertly political a TI

gins.They accounted for35% of do- NA even when liferesumes to normal. choiceas, say, Massachusetts Sen. mestic revenue last quarter,a The company launched its Black Friday event early, in mid-October. Best Buy is also cheaper than . She has experi- substantial uptick from 16% ayear other pandemic retail winners, with encedealing with crises,starting earlier.Operating margins declined ception wasthat Best Buy remained early,inmid-October.November shares priced lessthan 16 times for- with her job as head of the White to 4.7% from the 5.7% seen in the cautious about the current holiday sales remained strong but probably ward earningsforecasts. That is ad- House Council of Economic Advis- preceding quarter. quarter,saying that the sales benefited from apull-forwardof mittedly higher than itsfive-year ersduring the 1998 Russian debt Afterhitting an all-time high ear- growth could slowcompared with gaming console sales: Newofferings averageof13times,but lowerthan crisis.And, as the past head of the lier this month, Best Buy shares fell last quarter.That is partly because from Microsoftand Sonyquickly the valuation that other retail win- 23,000-person Federal Reservesys- nearly 7% Tuesdaydespitethe com- October sawsuch an uptick in sales sold out. ners, including Target, Lowe’s and tem, she has managed alarge gov- pany’sannouncement that it will re- growth—roughly 33%—making it Theother constraint is on . ernment organization. sume itssharerepurchase program appear that alarge chunk of holiday supply side,which already put a Theholidays arrived early at Best All of which should makeMs. Yel- starting this month. demand waspulled forward. Best damper on sales of large appliances Buy,but thereare still reasons to len’stransition to the Treasurya Abig reason forthe negativere- Buy launched itsBlack Fridayevent and computing categories last quar- celebrate. —Jinjoo Lee relatively easy one—a plus,given that the countrywill still be in the grips of the Covid-19 pandemic.Asa firstorder of business, she will likely be working with Congresstocome Xiaomi’s Gain Might Not Last up with another round of fiscal OVERHEARD stimulus to support the economy. Her ability to do that maybecon- strained, particularly if Republicans Chinese smartphone maker Hua- Global smartphone shipments targeting the same market as Xi- maintain control of the Senate, but Resistanceisfutile: Prepare wei’s losshas been itscompatriot In millions aomi, to aChinese state-led consor- as atrusted voiceonthe economy, forthe coming of the Cyber 5. Xiaomi’s gain. Keeping hold of those 0 25 50 75 100 tium. Thedeal mayallowHonor to her argumentswill carryweight. No,the Cyber 5isn’tasquad gains,however, might be morechal- Q3 2019 avoid U.S. sanctions. She will also be well-positioned of supervillains. It is anew term lenging than investorsexpect. Q3 2020 Huawei’spolitical problems to coordinatethe Biden administra- forthe five-day shopping period Xiaomi on Tuesdayreported a largely stem from itstelecommuni- tion’spolicyresponse to the pan- from Thanksgiving through the stellar performancefor the quarter Huawei cations equipment business, rather demic with the Fed’s. She would following Monday. As used in a ended in September: revenue grew than itssmartphones.Soitmay likely,inconjunction with the Fed, note from research firm eMar- 35% year over year while operating Xiaomi makesense forthe U.S. to permit reinstatethe central bank’semer- keter, the Cyber 5comprises profit morethan doubled. Thecom- Huawei’ssmartphone business, es- gencylending programs—including Thanksgiving, Black Friday, Small panysold 45% moresmartphones Oppo and pecially the lower-end brand Honor, itsMain Street lending program BusinessSaturday, Cyber Sun- globally in the quarter compared Realme to keep operating instead of just forsmall businesses—that current dayand Cyber Monday. with ayear earlier,making it the killing the whole company—which TreasurySecretarySteven The renaming is amarker of third-largest smartphone maker in Apple could hurt American chip suppliers. Mnuchin is allowing to expireat howshopping has changed. In- the world forthe firsttime. Honor shipped 41.3million smart- the end of the year.Absent con- deed, eMarketer forecasts that Theglobal smartphone market Vivo phones in the firstthree quartersof gressional approval, however, the overthe entireholidayseason, has recoveredfromthe earlier dip 2020,according to Counterpoint Re- money forthose programs will be bricks-and-mortar retail sales will caused by the pandemic.But Hua- Others search, accounting foraround 27% smaller than if they had been left fall by 4.7% while e-commerce wei’stravails areakey factor behind of Huawei’stotal. Citi estimates that in place. So along with morefiscal sales will surge 36%. Xiaomi’s bumper performance. Hua- Source:CounterpointResearch Honor’s exit would lead to addi- support forthe economy, she will On every dayofthe long weishipped 24%fewersmartphones tional shipmentsof10million to 15 likely be arguing alongside the Fed, weekend starting with Thanks- in the quarter.The Trump adminis- India—Xiaomi’smost important million unitsfor Xiaomi. But the which wasunhappy with Mr. giving, e-commerce sales are tration has blocked the company market outside of China—the coun- bank says it would have to reduce Mnuchin’sdecision, that lending also forecasttojump by some- from buying componentsmade us- try’slargest wirelesscarrier Reli- itsprofitestimatefor Xiaomi if programs deservemorefunding. whereinthe mid-to-high 30s ing U.S. technologysinceSeptember. anceJio mayalso launch itsown Honor stays in the business. Lacking strong majorities in both compared with the same day Xiaomi has seized itschance, but low-cost phones. Xiaomi is nowworth $85 billion the House and Senate, Mr.Biden’s lastyear,except on Thanksgiving othersare eyeing thesame potential And the demise of Huawei—or its aftergaining 150% this year. The ability to shape the government’sre- Dayitself,when eMarketer ex- gains.Oppo’s Realmebrand, which progeny—as amajor phone supplier companyhas certainly had agood sponse to the coronavirus crisis will pects e-commerce sales to soar likeXiaomi is trying to sell phones isn’t aforegone conclusion. The year,but the road ahead maynot be be diminished. But with Ms.Yellen by 50%. Welcome to the future. with premium featuresataffordable companysaid last week it will sell as smooth as that big sticker price on his team, his hand maybestron- prices,has been gaining traction. In itsbudget Honor brand,which is implies. —Jacky Wong gerthan it seems. —Justin Lahart