Powell Mnuchin optimistic about US economy rebound
Federal Reserve Chair Jerome Powell and Treasury Secretary Steven Mnuchin told the House panel they see cautious signs of an economy rebounding from the pandemic recession. They warned major sectors remain hurt and urged targeted further aid, with negotiations resuming on measures including the Paycheck Protection Program.
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House approves bill to block imports from Xinjiang over forced labor
The House passed 406 to 3 a measure declaring Xinjiang products presumptively tied to forced labor of Uighurs and other minorities, banning such goods from U.S. import. The move could impact cotton, tomatoes and manufactured goods, with Senate action pending and a companion disclosure bill under consideration.
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Wall Street rebounds after early slide with S&P 500 rise
Stocks end higher led by technology and communications while banks and energy slip. Homebuilders surge on August sales data the strongest since 2006. Dow and Nasdaq gain as investors weigh pandemic, stimulus, and election dynamics amid warnings of foreign disinformation efforts. Unifor reaches tentative Ford deal for five electric vehicles in Canada.
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