Bannon Held in Contempt 10/20 06:17
Bannon Held in Contempt 10/20 06:17 A House committee investigating the Jan. 6 Capitol insurrection voted unanimously to hold former White House aide Steve Bannon in contempt of Congress after the longtime ally of former President Donald Trump defied a subpoena for documents and testimony. WASHINGTON (AP) -- A House committee investigating the Jan. 6 Capitol insurrection voted unanimously to hold former White House aide Steve Bannon in contempt of Congress after the longtime ally of former President Donald Trump defied a subpoena for documents and testimony. Still defending his supporters who broke into the Capitol that day, Trump has aggressively tried to block the committee's work by directing Bannon and others not to answer questions in the probe. Trump has also filed a lawsuit to try to prevent Congress from obtaining former White House documents. But lawmakers have made clear they will not back down as they gather facts and testimony about the attack involving Trump's supporters that left dozens of police officers injured, sent lawmakers running for their lives and interrupted the certification of President Joe Biden's victory. The committee's chairman, Rep. Bennie Thompson, D-Miss., said Tuesday that Bannon "stands alone in his complete defiance of our subpoena" and the panel will not take no for an answer. He said that while Bannon may be "willing to be a martyr to the disgraceful cause of whitewashing what happened on January 6th -- of demonstrating his complete loyalty to the former president," the contempt vote is a warning to other witnesses. "We won't be deterred. We won't be distracted. And we won't be delayed," Thompson said. The Tuesday evening vote sends the contempt resolution to the full House, which is expected to vote on the measure Thursday. House approval would send the matter to the Justice Department, which would then decide whether to pursue criminal charges against Bannon. The contempt resolution asserts that the former Trump aide and podcast host has no legal standing to rebuff the committee --- even as Trump's lawyer has argued that Bannon should not disclose information because it is protected by the privilege of the former president's office. The committee noted that Bannon, fired from his White House job in 2017, was a private citizen when he spoke to Trump ahead of the attack. And Trump has not asserted any such executive privilege claims to the panel itself, lawmakers said. Wyoming Rep. Liz Cheney -- one of just two Republicans on the committee, and a rare GOP critic of Trump -- said Bannon and Trump's privilege arguments suggest the former president was "personally involved" in the planning and execution of the day's events. "We will get to the bottom of that," Cheney said. The committee says it is pursuing Bannon's testimony because of his reported communications with Trump ahead of the siege, his efforts to get the former president to focus on the congressional certification of the vote Jan. 6 and his comments on Jan. 5 that "all hell is going to break loose" the next day. Bannon "appears to have had multiple roles relevant to this investigation, including his role in constructing and participating in the ?stop the steal' public relations effort that motivated the attack" and "his efforts to plan political and other activity in advance of January 6th," the committee wrote in the resolution recommending contempt. The Biden White House has also rejected Bannon's claims, with Deputy Counsel Jonathan Su writing Bannon's lawyer this week to say that "at this point we are not aware of any basis for your client's refusal to appear for a deposition." Biden's judgment that executive privilege is not justified, Su wrote, "applies to your client's deposition testimony and to any documents your client may possess." Asked last week if the Justice Department should prosecute those who refuse to testify, Biden said yes. But the Justice Department quickly pushed back, with a spokesman saying the department would make its own decisions. While Bannon has said he needs a court order before complying with his subpoena, former White House Chief of Staff Mark Meadows and former White House and Pentagon aide Kashyap Patel have been negotiating with the committee. The panel has also subpoenaed more than a dozen people who helped plan Trump rallies ahead of the siege, and some of them are already turning over documents and giving testimony. Maryland Rep. Jamie Raskin said all the other witnesses who were subpoenaed are "either complying or acting in good faith as opposed to just blowing us off," as Bannon has. The committee is also conducting voluntary closed-door interviews with other witnesses who have come forward or immediately complied with their requests. For some of the witnesses, Raskin said, "it's a privilege and really an opportunity for them to begin to make amends, if they were involved in these events." Some of them "feel terrible about the role they played," he said. Still, there could be more contempt votes to come. "I won't go into details in terms of the back and forth, but I'll just say our patience is not infinite," said Illinois Rep. Adam Kinzinger, the panel's other Republican, about some of the witness negotiations. The vote came a day after Trump sued the committee and the National Archives to fight the release of documents the committee has requested. Trump's lawsuit, filed after Biden said he'd allow the documents' release, claims that the panel's August request was overly broad and a "vexatious, illegal fishing expedition." Trump's suit seeks to invalidate the entirety of the congressional request, calling it overly broad, unduly burdensome and a challenge to separation of powers. It requests a court injunction to bar the archivist from producing the documents. The Biden administration, in clearing the documents for release, said the violent siege of the Capitol more than nine months ago was such an extraordinary circumstance that it merited waiving the privilege that usually protects White House communications.
Fuel Plans Won't Meet Climate 10/20 06:32
Fuel Plans Won't Meet Climate 10/20 06:32 The world needs to cut by more than half its production of coal, oil and gas in the coming decade to maintain a chance of keeping global warming from reaching dangerous levels, according to a U.N.-backed study released Wednesday. LONDON (AP) -- The world needs to cut by more than half its production of coal, oil and gas in the coming decade to maintain a chance of keeping global warming from reaching dangerous levels, according to a U.N.-backed study released Wednesday. The report published by the U.N. Environment Program found that while governments have made ambitious pledges to curb greenhouse gas emissions, they are still planning to extract double the amount of fossil fuels in 2030 than what would be consistent with the 2015 Paris climate accord's goal of keeping the global temperature rise below 1.5 degrees Celsius (2.7 degrees Fahrenheit). Even the less ambitious goal of capping global warming at 2 degrees C (3.6 degrees Fahrenheit) by the end of the century compared to pre-industrial times would be overshot, it said. Climate experts say the world must stop adding to the total amount of greenhouse gas in the atmosphere by 2050, and that can only be done by drastically reducing the burning of fossil fuels as soon as possible, among other measures. The report, which was released days before a U.N. climate summit begins Oct. 31 in Glasgow, found most major oil and gas producers -- and even some major coal producers -- are planning on increasing production until 2030 or even beyond. It also concluded that the group of 20 major industrialized and emerging economies have invested more into new fossil fuel projects than into clean energy since the start of 2020. The disparity between climate goals and fossil fuel extraction plans -- termed the "production gap" -- will widen until at least 2040, the report found. This would require increasingly steep and extreme measures to meet the Paris emissions goal, UNEP said. "There is still time to limit long term warming to 1.5C, but this window of opportunity is rapidly closing," said the agency's executive director, Inger Andersen, adding that governments should commit to closing the gap at the Glasgow climate summit. The report, which had more than 40 researchers contributing, examine 15 major fossil fuel-producing countries. For the United States, they found that government projections show oil and gas production increasing to 17% and 12%, respectively, by 2030 compared to 2019 levels. Much of that would be exported, meaning the emissions from burning those fossil fuels would not show up in the U.S. inventory although they would add to the global total. U.S. coal production is projected to decline by 30% over the coming decade compared to 2019. Costa Rica's environment and energy minister said the report shows the need to stop extracting fossil fuels to meet the Paris goals. "We must cut with both hands of the scissors, addressing demand and supply of fossil fuels simultaneously," Andrea Meza said. Costa Rica and Denmark are planning to launch a new group at the Glasgow summit, the Beyond Oil and Gas Alliance, to promote that effort.
3 States Warned Over COVID 10/20 06:41
3 States Warned Over COVID 10/20 06:41 PHOENIX (AP) -- The Biden administration threatened Tuesday to revoke the authority for three Republican-controlled states to handle their own workplace safety enforcement because they have refused to adopt rules to protect health care workers from COVID-19. The threats were sent to Arizona, South Carolina and Utah as the U.S. Occupational Safety and Health Administration prepares to adopt much more far-reaching vaccination and testing rules affecting 80 million Americans. In nearly half the states, it will have to rely on state labor regulators for enforcement. OSHA officials say Arizona, South Carolina and Utah are not complying with their promises to enforce labor standards that are at least as good as those adopted by the federal government. At issue is a rule requiring personal protective equipment, social distancing and other safety measures for workers at health care facilities that care for people with COVID-19. It also requires paid sick time for employees who contract COVID-19, need to get vaccinated or are dealing with vaccine side effects. "The agency will not hesitate to use all of our resources to protect health care workers from known health hazards," said Jim Frederick, acting assistant secretary of labor for occupational safety and health. OSHA has given up its authority to enforce workplace safety laws and regulations for the private sector in 22 states, including Arizona, South Carolina and Utah. In exchange, the states must adopt rules that are as effective or better than the federal regulations at protecting workers. OSHA officials said they will take the first step toward revoking that authority, which all three states have had since the 1980s, and reclaiming jurisdiction for federal enforcers in the health care sector or others. Arizona Gov. Doug Ducey, a Republican, called the move "nothing short of a political stunt and desperate power grab." Trevor Laky, a spokesman for the Industrial Commission of Arizona, said the agency has begun a rulemaking process. While the state could adopt emergency rules that take effect quickly, he said agency leaders prefer a more transparent process that allows for public comment. He blamed OSHA officials for taking two months to tell the state that its existing wage and hour laws weren't good enough. "We are disappointed that federal OSHA has decided to take this step against our very successful state OSHA program," Emily Farr, head of the South Carolina Department of Labor, Licensing and Regulation, said in a statement. Utah Gov. Spencer J. Cox and Lt. Gov. Deidre Henderson said in a statement that the federal rules would burden health care providers. They reject the assertion that their own rules aren't as good as the federal ones. "Despite today's communication, we still welcome an opportunity to further explain our position and recommendations" Cox and Henderson said.
UP, Unions Sue Each Other 10/20 06:43
UP, Unions Sue Each Other 10/20 06:43
OMAHA, Neb. (AP) -- Union Pacific and its labor unions are suing each other
to determine whether the railroad has the authority to require its employees to
get vaccinated against the coronavirus.
The unions argue that the Omaha, Nebraska-based railroad should have
negotiated with them before announcing it would require all employees to get
the shots. The railroad contends in its own lawsuit that it believes it has the
authority to require the vaccine under its existing contracts because it can
set standards for when employees are fit for duty.
Union Pacific announced this month that it would require all employees to be
vaccinated by Dec. 8 to comply with an executive order President Joe Biden
issued requiring all federal contractors to have their employees vaccinated.
The railroad is also offering its union employees a $300 bonus if they get the
shots. Nonunion employees at the railroad are being offered a half day of
vacation if they get vaccinated.
On the same day the Sheet Metal, Air, Rail and Transportation Workers ---
Transportation Division, or SMART-TD, union filed its lawsuit against the
railroad, Union Pacific filed its own lawsuit Friday against SMART-TD and two
other unions that objected to the vaccination mandate to force the issue.
"This action is necessary to prevent any disruption of the national rail
network and to avoid any impact on America's supply chain, as it continues to
recover from the pandemic," Union Pacific spokeswoman Kristen South said in a
statement.
Vaccine mandates from governments and other businesses have generated
resistance in various workplaces.
The railroad told employees that they would be medically disqualified under
their contracts rather than fired if they didn't get the shots.
But the unions said Union Pacific was unfairly changing the conditions of
their employment without bargaining over it as required.
"We also recognize the seriousness of the pandemic, but such does not permit
the carrier to institute an arbitrary policy, which will have a sweeping effect
on the current working conditions at Union Pacific Railroad," SMART-TD
officials said in a letter to railroad executives.
The other unions that objected to the mandate were the Brotherhood of
Maintenance of Way unit of the International Teamsters union and the
Brotherhood of Locomotive Engineers and Trainmen.
The engineers' union pointed out to the railroad that many people across the
country have been reluctant to get vaccinated.
"The carrier certainly must be aware that there is a substantial divide in
this country when it comes to the COVID-19 vaccination," officials from the
BLET union wrote to the railroad. "Moreover, it should come as no surprise that
many of our members are opposed to being forced to get a vaccination, for a
variety of reasons, while many have already been vaccinated."
Union Pacific is one of the nation's largest railroads. it operates 32,400
miles (52,000 kilometers) of track in 23 Western states.
Biden Scales Back $2T Plan 10/20 06:55
Biden Scales Back $2T Plan 10/20 06:55 Scaling down his ambitious domestic agenda, President Joe Biden has described a more limited vision to Democratic lawmakers of his $2 trillion package for addressing climate change and expanding social services. WASHINGTON (AP) -- Scaling down his ambitious domestic agenda, President Joe Biden has described a more limited vision to Democratic lawmakers of his $2 trillion package for addressing climate change and expanding social services. Likely to be eliminated or shaved back: plans for tuition-free community colleges, a path to permanent legal status for certain immigrants in the U.S. and a clean energy plan that was the centerpiece of Biden's strategy for fighting climate change. The president met privately Tuesday with nearly 20 centrist and progressive lawmakers in separate groups as Democrats appeared ready to abandon what had been a loftier $3.5 trillion package in favor of a smaller, more workable proposal that can unite the party and win passage in the closely divided Congress. Child tax credits, paid family leave, health care and free pre-kindergarten are still in the mix, according to details shared by those familiar with the conversation and granted anonymity to discuss the private meetings. Biden felt "more confident" after the day of meetings, said press secretary Jen Psaki. "There was broad agreement that there is urgency in moving forward over the next several days and that the window for finalizing a package is closing," she said. After months of fits and starts, Democrats are growing anxious they have little to show voters despite their campaign promises. Biden's ideas are all to be funded by tax hikes on corporations and the wealthiest individuals, those earning more than $400,000 a year. The president especially wants to advance his signature domestic package to bolster federal social services and address climate change by the time he departs for a global climate summit next week. Rep. Ro Khanna, D-Calif., a progressive caucus member, said Biden urged the lawmakers to "get something done now" to show U.S. leadership on climate change on the global stage. "He really believes American leadership, American prestige is on the line," Khanna said. A key holdout on Biden's proposals, conservative Sen. Joe Manchin from coal-state West Virginia, has made clear he opposes the president's initial Clean Energy Performance Plan, which would have the government impose penalties on electric utilities that fail to meet clean energy benchmarks and provide financial rewards to those that do -- in line with Biden's goal of achieving 80% "clean electricity" by 2030. Instead, Biden focused in his Tuesday meetings on providing at least $500 billion in tax credits, grants and loans to fight climate change, much of it likely coming from a package compiled by Sen. Ron Wyden, D-Ore., the chairman of the the Finance Committee. Those include the tax breaks for energy producers that reach emission-reduction goals. That clean energy approach could better align with Manchin's stated goal of keeping a "fuel neutral" approach to federal policy that does not favor renewable energy sources over coal and natural gas that are dominant in his state. Other climate-change-fighting proposals being considered are a tax on carbon dioxide emissions from fossil fuels such as oil and coal or a methane emissions fee -- though Manchin told reporters earlier in the day that a carbon tax was not in the mix. Failure to act on climate change would have far-reaching consequences in the U.S. and abroad. Inaction, proponents of big efforts say, could cost the U.S. billions of dollars in weather-related disasters and threaten to uproot millions of Americans in hurricanes, wildfires, droughts and floods. Rep. Mark Pocan, D-Wis., another progressive caucus member, called the opposition from Manchin on climate issues "one of the biggest challenges" threatening to stop a final bill. On other fronts, Biden and the Democrats appeared to be more readily coalescing around a slimmed-down package. Biden wants to extend the $300 monthly child tax credit that was put in place during the COVID-19 crisis for another year, rather than allow it to expire in December. The policy has been praised for sending cash to families most in need. Democrats want to extend the credit for additional years, but limiting the duration would help shave the costs. It's now to be phased out for single-parent households earning more than $75,000 a year, or $150,000 for couples, but those income thresholds could be lowered to meet demands of Manchin and more conservative Democrats. What had been envisioned as a months-long federal paid family leave program could be shrunk to as few as four weeks. Biden also wants to ensure funding for health care programs, including new money for home- and community-based health care services, supporting a move away from widespread nursing home care. And a new program to provide dental, vision and hearing aid benefits to people on Medicare proposed by Sen. Bernie Sanders, the independent from Vermont, is likely to remain in some fashion, said Khanna, a longtime Sanders ally. Expected to still be included in the package are new subsidies to help families afford child care as well as increased subsidies put in place during the pandemic for people who buy their own health insurance. Biden told lawmakers that after his top priorities there would be $300 billion remaining, which some suggested could be used for housing aid and racial justice issues. Biden also mentioned money could go for retrofitting homes of low-income people. But Biden's vision for free community college for all is falling by the wayside. "It's not the robust vision the president wants or that we wanted," Khanna said. At a lengthy and "lively" lunch of Democratic senators earlier in the day, Senate Majority Leader Chuck Schumer said there was "universal agreement in that room that we have to come to an agreement and we got to get it done." Biden met at the White House for nearly two hours with the first group of lawmakers, progressives, who emerged confident a deal was within reach. Moderate lawmakers met for about 90 minutes into the evening. "Everybody's talking," said Manchin, who had his own meeting Tuesday with the president. For months, Manchin and Democratic Sen. Kyrsten Sinema of Arizona have objected to the scope and scale of Biden's package, testing the patience of colleagues who see a once-in-a-generation opportunity to reshape government programs. Sinema missed the senators lunch, but had a separate meeting with Biden. With Republicans fully opposed to Biden's plans, the president needs all Democrats in the 50-50 split Senate for passage and can only spare a few votes in the House. Congress has set an Oct. 31 deadline for passage.
Canadian National CEO Retirin 10/20 06:59
Canadian National CEO Retirin 10/20 06:59 OMAHA, Neb. (AP) -- Canadian National's CEO is retiring instead of staying to fight against an investor who has been pushing for his ouster. The Montreal-based railroad on Tuesday announced JJ Ruest's decision to retire at the end of January without mentioning the pressure it is facing from the London-based investment firm TCI Fund. The fund is also seeking several operational changes at Canadian National in the wake of its failed attempt to acquire Kansas City Southern railroad. A special shareholder meeting has been scheduled for March 22 to vote on TCI's demands. "I have been honored to lead CN during my time as chief executive officer, and I am confident that the Company is well positioned to continue to thrive following my retirement," Ruest said in a statement. CN Board Chairman Robert Pace said Ruest delayed discussing his retirement plans while the railroad was trying to acquire Kansas City Southern this summer and until after the railroad announced a new strategic plan last month. Ultimately, Kansas City Southern chose to accept a rival $31 billion buyout offer from Canadian Pacific railroad after regulators rejected part of CN's acquisition plan. Canadian National has urged investors to back its own strategic plan that calls for cutting $550 million in costs, reinstating stock repurchases and delivering 20% growth in earnings per share in 2022. TCI has said Canadian National hasn't been doing enough to improve its own operations and it shouldn't have pursued Kansas City Southern. TCI, which owns 5% of CN's stock, has nominated four new directors who would then help choose a new CEO for the railroad. TCI said Tuesday it will continue to press for changes after Ruest's retirement. "Dismissing the same CEO that the Board put in place just three short years ago is a good start, but it does not address the fundamental problem of a lack of leadership, failed strategic oversight, and the vacuum of operational expertise at the board level," said Chris Hohn, TCI's founder and portfolio manager. "Putting a new plan out a month ago without having the CEO needed to implement it is a massive corporate governance failure and puts the future of the Company at risk." TCI urged Canadian National to consider hiring the CEO candidate it is backing but the railroad said it plans to conduct a global search for its next leader. Canadian National is one of the largest railroads in North America and it operates nearly 20,000 miles of track crossing Canada and crossing the U.S. Midwest south to the Gulf Coast.
Facebook Pays $4.75M Fine 10/20 07:25
Facebook Pays $4.75M Fine 10/20 07:25 WASHINGTON (AP) -- Facebook is paying a $4.75 million fine and up to $9.5 million to eligible victims to resolve the Justice Department's allegations that it discriminated against U.S. workers in favor of foreigners with special visas to fill high-paying jobs. Facebook also agreed in the settlement announced Tuesday to train its employees in anti-discrimination rules and to conduct more widespread advertising and recruitment for job opportunities in its permanent labor certification program, which allows an employer to hire a foreign worker to work permanently. The department's civil rights division said the social network giant "routinely refused" to recruit, consider or hire U.S. workers, a group that includes U.S. citizens and nationals, people granted asylum, refugees and lawful permanent residents, for positions it had reserved for temporary visa holders. Facebook sponsored the visa holders for "green cards" authorizing them to work permanently. The so-called H-1B visas are a staple of Silicon Valley, widely used by software programmers and other employees of major U.S. technology companies. Critics of the practice contend that the foreign nationals will work for lower wages than U.S. citizens. The tech companies maintain that's not the case, that they turn to foreign nationals because they have trouble finding qualified programmers and other engineers who are U.S. citizens. "In principle, Facebook is doing a good thing by applying for green cards for its workers, but it has also learned how to game the system to avoid hiring U.S. tech workers," said Daniel Costa, director of immigration law and policy research at the liberal-leaning Economic Policy Institute. "Facebook started lobbying to change the system more to its liking starting back in 2013 when the comprehensive immigration bill that passed the Senate was being negotiated." The settlement terms announced Tuesday are the largest civil penalty and back-pay award ever recovered by the civil rights division in the 35-year history of enforcing anti-discrimination rules under the Immigration and Nationality Act, officials said. The back pay would be awarded to people deemed to have been unfairly denied employment. The government said Facebook intentionally created a hiring system in which it denied qualified U.S. workers a fair opportunity to learn about and apply for jobs that it instead sought to channel to temporary visa holders. "Facebook is not above the law and must comply with our nation's federal civil rights laws, which prohibit discriminatory recruitment and hiring practices," Assistant Attorney General Kristen Clarke told reporters in a telephone conference. "Companies cannot set aside certain positions for temporary visa holders because of their citizenship or immigration status." Facebook also agreed in a separate settlement with the Labor Department to expand its recruitment for U.S. workers and to be subject to ongoing audits to ensure compliance. The company based in Menlo Park, California, said it believes it met the government's standards in its practices. It said it agreed to the settlements to end the litigation and move ahead with its permanent labor certification program --- which it called an important part of its "overall immigration program." "These resolutions will enable us to continue our focus on hiring the best builders from both the U.S. and around the world, and supporting our internal community of highly skilled visa holders who are seeking permanent residence," Facebook said in a statement. Facebook says it ended the April-June quarter this year with over 63,400 full-time employees globally and has 3,000 current job openings. The lawsuit was filed against Facebook last December by the Justice Department under the Trump administration. The alleged violations are said to have occurred from at least Jan. 1, 2018 to at least Sept. 18, 2019. A $4.75 million fine and $9.5 million in back pay are a trifle for a company valued at $1 trillion with revenue of nearly $86 billion last year. But the announcement comes at a time of intense public discomfort and scrutiny for Facebook. Public allegations and testimony to Congress from a former Facebook data scientist that the company disregarded internal research showing harm to children have raised a public outcry and calls for stricter government oversight of the company. The former employee, Frances Haugen, accused Facebook of prioritizing profit over safety and being dishonest in its public fight against hate and misinformation. The company is also awaiting a federal judge's ruling in an epic antitrust suit filed against it by the Federal Trade Commission. Calls from critics and lawmakers of both parties to break up the behemoth company are intensifying.
S&P 500 Almost Hits Record High 10/20 15:54
S&P 500 Almost Hits Record High 10/20 15:54 Solid earnings from health care companies helped send stocks higher on Wall Street Wednesday and pushed the benchmark S&P 500 to the brink of another record high. (AP) -- Solid earnings from health care companies helped send stocks higher on Wall Street Wednesday and pushed the benchmark S&P 500 to the brink of another record high. The market has been gaining ground as investors shift their focus to the latest round of corporate earnings. Stocks have been choppy for weeks as rising inflation and lackluster economic data raised concerns about the path ahead for the economic recovery. The S&P 500 rose 16.56 points, or 0.4%, to 4,536.19. It's the sixth straight gain for the benchmark index and puts it less than a point from the all-time high it set on Sept. 2. The Dow Jones Industrial Average rose 152.03 points, or 0.4%, to 35,609.34. The Nasdaq fell 7.41 points, or less than 0.1%, to 15,121.68. "The reason we're seeing this rally over the last week is that company earnings are looking really good," said Sylvia Jablonski, chief investment officer at Defiance ETFs. "Most companies are managing inflationary pressures and pricing issues and that's helping to alleviate concerns about overvaluation and inflation." Wall Street cheered solid earnings from a variety of health care companies. Abbott Laboratories, which makes infant formula, medical devices and drugs, rose 3.3% after handily beating analysts' third-quarter profit forecasts. Health insurer Anthem rose 7.7% after also reporting strong financial results. Technology stocks lagged the broader market. Bond yields rose. The yield on the 10-year Treasury rose to 1.65% from 1.63% late Tuesday. Netflix fell 2.2% after forecasting earnings for its current quarter that were below analysts' estimates. PayPal fell 4.9% following reports that it is considering buying digital pinboard and shopping tool Pinterest, which jumped 12.8%. The price of Bitcoin rose above $66,000 for the first time. The gains came a day after the first exchange-traded fund linked to Bitcoin futures attracted huge interest from investors looking to get into the surging field of cryptocurrencies. Investors are busy reviewing the latest report cards from companies as they try to get a clearer understanding of how rising inflation and the lingering threat from COVID-19 will affect the economy. A key concern remains supply chain disruptions and rising materials costs cutting into profits for many companies. Higher costs for companies could mean higher prices for consumers, which could threaten spending that is supporting the recovery. Oilfield services company Baker Hughes fell 5.7% after reporting weak third-quarter financial results, partly because of supply chain problems and higher costs. Brinker International, which operates Chili's Grill & Bar, fell 9.7% after its fiscal first-quarter profit fell far short of analysts' forecasts as it faces higher commodity and labor costs. Investors seem to be taking the impact from rising inflation on companies in stride, said Greg Bassuk, CEO at AXS Investments. "Without big surprises on the downside, or something really outsized, the bulls are overtaking the bears," he said. Rising inflation has also put a sharper focus on the Federal Reserve and its plans to start trimming bond purchases that have helped keep interest rates low. The central bank maintained through most of the year that inflation would likely be temporary and tied to the economic recovery, but it has grown more concerned about rising inflation persisting. Railroad operator CSX gained ground in after-hours trading after reporting solid financial results, while Tesla slipped after reporting its results. There are still several large companies on deck to release their earnings this week. American Airlines, Southwest Airlines and Union Pacific will report on Thursday.
