House passes two day stopgap to avert shutdown
The House approved a two day stopgap funding bill by 320 to 60 to avert a partial government shutdown as talks on a nearly one trillion COVID relief package continue. Senate action remains uncertain with debate over Fed lending powers and direct payments to individuals amid a holiday session.
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CARES
US stocks slip from records as market eyes Congress aid
Wall Street ends a week of gains on a down note as Congress negotiation lingers for new support measures. The S&P 500 falls 0.4 percent after a 31st all time high this year, with Tesla entering the index and quadruple witching driving heavy volume. Dow dips 124.32 points, Nasdaq and Russell also slide amid losses in tech, banks and consumer stocks.
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Trump imposes export ban on SMIC over military ties
The Trump administration adds Semiconductor Manufacturing International Corp to the Entity List, blocking access to advanced U.S. tech amid alleged military links. More than 60 other firms are also targeted for aiding the Chinese military, with DJI among them. SMIC faces presumption of denial for 10 nanometer or smaller chip production tech. The move precedes Biden's inauguration and drew from Commerce statements. EU UK race to seal post Brexit deal stalls over fishing rights and fair competition, with Barnier warning a deal is at risk if unresolved.
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