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S&P 500 pulls again barely after notching greatest day since June

US stocks fell on Tuesday, led by tech names as the market returned some of the strong gains from the previous session.

The S&P 500 was down 0.6% after the broad equity benchmark rose more than 2% on Monday for its best day since June. The Dow Jones Industrial Average fell 30 points and the tech-heavy Nasdaq Composite fell 0.8% as Apple and Microsoft fell 1% each.

Technology and real estate were the two worst performing sectors, falling more than 1% each. Slight increases in materials and consumer staples gave the broader market some cushion.

“Markets could be caught in a tug-of-war between what to expect and pandemic-induced uncertainties, compounded by other, more difficult-to-quantify market stimuli,” said Chris Hussey, chief executive officer at Goldman Sachs, in a note. “On days like today when there is no news and little macro to help investors maintain confidence, we see what if – sideways trading across all sectors coupled with a decline in interest rates.”

The 10-year Treasury yield, which has been a focus for stock investors lately, fell to 1.41%. The policy rate appeared to be stabilizing this week after hitting a high of 1.6% last week, allaying some fears about higher borrowing costs and inflation.

Still, some investors believe that it is inevitable that returns will trend higher this year amid an economic recovery and potentially stronger fiscal stimulus that could shrink the stock multiple.

“10-year returns are not (yet) at the level at which investors are selling their stocks wholesale, but the recent surge has put an end to the PE expansion process,” said Adam Crisafulli, founder of Vital Knowledge, in a note.

Meanwhile, others believe the jump in earnings reflects improving economic growth and rising earnings forecasts. Stocks should be able to absorb higher interest rates over the long term if they rise at a reasonable pace.

President Joe Biden said Tuesday that Merck will help manufacture Johnson & Johnson’s single-shot Covid vaccine as the country tries to increase supply.

The economically sensitive cyclical sectors continued to outperform the broader market amid optimism about vaccines and economic recovery. Energy and finance are up 28% and 12% respectively since the beginning of the year.

US stocks started March on Monday with a sharp rise: the S&P 500 rose 2.4%, the Dow Jones Industrial Average rose nearly 2%, and the tech-heavy Nasdaq rose just over 3% after he lost 4.9% last week. Both the Dow and Nasdaq had their best trading day since November in return

Target’s stocks reversed early gains and traded more than 4% lower, despite booming sales. The retailer declined to give a forecast for 2021.

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Covid-19: Reside Updates on Brazil Variant, Instances and Vaccine

Here’s what you need to know:

Credit…Raphael Alves/EPA, via Shutterstock

In just a matter of weeks, two variants of the coronavirus have become so familiar that you can hear their inscrutable alphanumeric names regularly uttered on television news.

B.1.1.7, first identified in Britain, has demonstrated the power to spread far and fast. In South Africa, a mutant called B.1.351 can dodge antibodies, blunting the effectiveness of some vaccines.

Scientists have also had their eye on a third concerning variant, which arose in Brazil, called P.1. Research has been slower on P.1 since its discovery in late December, leaving scientists unsure how much to worry.

“I’ve been holding my breath,” said Bronwyn MacInnis, an epidemiologist at the Broad Institute.

Now, three studies offer a sobering history of P.1’s meteoric rise in the Amazonian city of Manaus. It most likely arose there in November and then fueled a surge in coronavirus cases. It came to dominate the city partly because of an increased contagiousness, the research found.

But it also gained the ability to infect some people who had immunity from previous bouts of Covid-19. And laboratory experiments suggest that P.1 could weaken the protective effect of a Chinese vaccine now in use in Brazil.

The studies have yet to be published in scientific journals. Their authors caution that findings on cells in laboratories do not always translate to the real world and that they’ve only begun to understand P.1’s behavior.

“The findings apply to Manaus, but I don’t know if they apply to other places,” said Nuno Faria, a virologist at Imperial College London who helped lead much of the new research.

But even with the mysteries that remain around P.1, experts say that it is a variant to take seriously. “It’s right to be worried about P.1, and this data gives us the reason why,” said William Hanage, an epidemiologist at the Harvard T.H. Chan School of Public Health.

P.1 is now spreading across the rest of Brazil and has been found in 24 other countries. In the United States, the Centers for Disease Control and Prevention has recorded six cases in five states: Alaska, Florida, Maryland, Minnesota and Oklahoma.

To reduce the risks of P.1 outbreaks and reinfections, Dr. Faria said it was important to double down on every measure we have to slow the spread of the coronavirus. Masks and social distancing can work against P.1. And vaccination can help drive down its transmission and protect those who do get infected from severe disease.

“The ultimate message is that you need to step up all the vaccination efforts as soon as possible,” he said. “You need to be one step ahead of the virus.”

United States › United StatesOn March 1 14-day change
New cases 56,672 –21%
New deaths 1,425 –17%
World › WorldOn March 1 14-day change
New cases 293,587 +2%
New deaths 6,610 –21%

U.S. vaccinations ›

Where states are reporting vaccines given

Alyssa Jost, 19, received her second dose of the Moderna vaccine at Cobre Valley Regional Medical Center in Gila County, Ariz.Credit…Juan Arredondo for The New York Times

In most parts of the United States, getting a coronavirus vaccine can feel like trying to win the lottery. People scour the internet for appointments under complex eligibility standards that vary from state to state, and even county to county.

In Indiana and Kentucky, anyone over 60 can get vaccinated, but you have to be 65 or 70 almost everywhere else. About 18 states are offering shots to grocery workers, and 32 are vaccinating teachers.

Then there is Gila County, Ariz., where any resident over 18 can walk into a clinic without an appointment and get a vaccine.

“The whole process is incredibly easy,” said Frank Struck, 24, an electrician and maintenance worker who got inoculated at a hospital in Globe, a town in the county, about 90 miles east of Phoenix. “No bureaucracy, no crazy lines — you just go in, get the shot and come out with peace of mind.”

Gila County started off with a set of qualifying standards as well. But it has been so successful at vaccinating its residents that it is now one of the first places in the United States to open eligibility to the general population.

During a pandemic that has claimed the lives of at least 209 county residents, many people in the county of 54,000 people have welcomed the broader availability of the vaccines, a boon that follows a harrowing surge in hospitalizations around the start of the year. The expanded vaccination campaign has coincided over the past two weeks with a 52 percent plunge in new cases.

Health officials and elected leaders warn that big challenges persist in Gila County, in part because, in a county where anybody can get the vaccine, not everybody wants it.

About 28 percent of county residents have received at least one dose so far, compared with the nationwide level of 14 percent, according to local health officials. Rhonda Mason, the chief nursing officer at the hospital in Globe, said the challenge ahead was to overcome misinformation and skepticism.

A hot dog vendor in Los Angeles reopened on Monday after being closed for two months. The restaurant has been in business since 1939.Credit…Frederic J. Brown/Agence France-Presse — Getty Images

Tens of thousands of students walked into classrooms in Chicago public schools on Monday for the first time in nearly a year. Restaurants in Massachusetts were allowed to operate without capacity limits, and venues like roller skating rinks and movie theaters in most of the state opened with fewer restrictions. And South Carolina erased its limits on large gatherings.

Across the country, the first day of March brought a wave of reopenings and liftings of pandemic restrictions, signs that more Americans were tentatively emerging from months of isolation, even if not everyone agrees that the time is ripe.

There are plenty of reasons for optimism: Vaccinations have increased significantly in recent weeks, and daily reports of new coronavirus cases have fallen across the United States from their January peaks.

In Kentucky, all but a handful of school districts are now offering in-person classes, while the state races to vaccinate teachers as quickly as possible. Gov. Andy Beshear told reporters last week that the state’s falling infection statistics showed that immunizations were beginning to make an impact.

“It means vaccinations work,” he said. “We’re already seeing it. We’re seeing it in these numbers. It’s a really positive sign.”

Dr. Anthony S. Fauci, President Biden’s chief medical adviser for Covid-19, said at a news briefing on Monday that for small groups of people who have all been fully vaccinated, there was a low risk in gathering together at home. Activities beyond that, he said, would depend on data, modeling and “good clinical common sense,” adding that the Centers for Disease Control and Prevention would soon have guidance for what vaccinated people could safely do.

The positive signs come with caveats. Though the national statistics have improved drastically since January, they have plateaued in the last week or so, and the United States is still reporting more than 65,000 new cases a day on average — comparable to the peak of last summer’s surge, according to a New York Times database. The country is still averaging about 2,000 deaths per day, though deaths are a lagging indicator because it can take weeks for patients to die.

More contagious variants of the virus are circulating in the country, with the potential to push case counts upward again. Testing has fallen 30 percent in recent weeks, leaving experts worried about how quickly new outbreaks will be known. And millions of Americans are still waiting to be vaccinated.

Given all that, some experts worry that the reopenings are coming a bit too soon.

“We’re, hopefully, in between what I hope will be the last big wave, and the beginning of the period where I hope Covid will become very uncommon,” said Robert Horsburgh, an epidemiologist at the Boston University School of Public Health. “But we don’t know that. I’ve been advocating for us to just hang tight for four to six more weeks.”

The director of the C.D.C., Dr. Rochelle Walensky, said at the briefing on Monday that she was “really worried” about the rollbacks of restrictions in some states. She cautioned that with the decline in cases “stalling” and with variants spreading, “we stand to completely lose the hard-earned ground we have gained.”

And the plateauing case levels “must be taken extremely seriously,” Dr. Walensky warned at a briefing last week. She added: “I know people are tired; they want to get back to life, to normal. But we’re not there yet.”

After some counties in Washington State allowed movie theaters to reopen, Nick Butcher, 36, made up for lost time by attending screenings of the “Lord of the Rings” trilogy for three straight nights. He bought some M&Ms at the concession stand, sat distanced from others in the audience, and said he felt as though things were almost back to normal.

“I’m actually getting optimistic, over all,” said Mr. Butcher, a software engineer at Microsoft who recently recovered from a case of Covid-19, as did several relatives. “This week is one of the first times I’ve gone into my office almost since the pandemic started.”

Thermal scanners check every visitor to the Student Union Building at the University of Idaho in Moscow, Idaho. So far, only 10 people have been turned away and instructed to get a coronavirus test.Credit…Rajah Bose for The New York Times

Before the University of Idaho welcomed students back to campus last fall, it spent $90,000 installing temperature-scanning stations, which look like airport metal detectors, in front of its dining and athletic facilities in Moscow, Idaho. When the system detects a student walking through with an unusually high temperature, the student is asked to leave and get tested for the coronavirus.

But so far, the fever scanners, which register skin temperature, have flagged fewer than 10 people out of the 9,000 students living on or near campus. Even then, university administrators could not say whether the technology had been effective because they have not tracked students detected with fevers to see if they went on to get tested.

The University of Idaho is one of hundreds of colleges and universities that adopted fever scanners, symptom checkers, wearable heart-rate monitors and other screening technologies this school year. Such tools often cost less than a more validated health intervention: frequent virus testing of all students. They also help colleges showcase their pandemic safety efforts.

But the struggle at many colleges to keep the virus at bay has raised questions about the usefulness of the technologies. According to a New York Times database, there have been more than 530,000 virus cases on campuses since the start of the pandemic.

One problem is that temperature scanners and symptom-checking apps cannot catch the estimated 40 percent of people with the coronavirus who do not have symptoms but are still infectious. Temperature scanners can also be wildly inaccurate. The Centers for Disease Control and Prevention has cautioned that such symptom-based screening has only “limited effectiveness.”

The schools have a hard time saying whether — or how well — the devices have worked. Many universities and colleges are not rigorously studying effectiveness.

More than 100 schools are using a free symptom-checking app, CampusClear, that can permit students to enter campus buildings. Others are asking students to wear symptom-monitoring devices that can continuously track vital signs like skin temperature.

Administrators at Idaho and other universities said their schools were using the technology, along with policies like social distancing, as part of larger campus efforts to hinder the virus. Some said it was important for their schools to deploy the screening tools even if they were only moderately useful.

At the very least, they said, using services like daily symptom-checking apps may reassure students and remind them to be vigilant about other measures, like mask wearing.

Marcela Valladolid, left, the California chef and media personality, began teaching cooking classes with her sister, Carina Luz, on Zoom. The experience led to a cookbook.Credit…Karla Ortiz

The books that Americans cooked from during 2020 will stand as cultural artifacts of the year when a virus forced an entire nation into the kitchen.

The pandemic has been good to cookbooks. Overall sales jumped 17 percent from 2019, according to figures from NPD BookScan, which tracks about 85 percent of book sales in the United States.

Some of the smash hits were predictable. The world domination of Joanna Gaines, the queen of shiplap, continued. The second volume of her hugely popular “Magnolia Table” cookbook franchise sailed to the top of the New York Times list of the best-selling cookbooks in 2020. Ina Garten, the cooking doyenne from the Hamptons, landed the second spot with “Modern Comfort Food,” followed by “The Happy in a Hurry Cookbook,” by the “Fox & Friends” host Steve Doocy and his wife, Kathy.

But the stir-crazy year upended the way people cook and think about food in fundamental ways.

One of the year’s 10 best-selling cookbooks on a list complied by BookScan offered 600 air-fryer recipes, owing as much to the appliance’s ability to crisp up takeout French fries as it does to its popularity with the Trader Joe’s set, who made it through the year by heating up vegetarian egg rolls and mac-and-cheese bites. It sold more than 135,000 copies.

By contrast, 30,000 copies may not sound like much, but those sales figures were big for “Cool Beans” by Joe Yonan, a treatise whose own editor predicted “would never set the world on fire.”

Everyday cooks went in search of new cuisines and projects to break up the routine. Practiced cooks who might have spent a Saturday afternoon before the pandemic hand-rolling pasta sought recipes that would help keep weeknight cooking from becoming a grind.

Plenty of people simply needed help getting any meal on the table, which drove the popularity of general cookbooks. That category was the largest of cookbooks bought in 2020, according to BookScan. Sales showed a 127 percent increase over 2019.

And underscoring the great American food dichotomy, both dessert and diet books sold well.

Students were back at Hawthorne Scholastic Academy in Chicago on Monday as they returned to in-person learning.Credit…Scott Olson/Getty Images

Scientists and doctors who study infectious disease in children largely agreed, in a recent New York Times survey about school openings, that elementary school students should be able to attend in-person school now. With safety measures like masking and opening windows, the benefits outweigh the risks, the majority of the 175 respondents said.

They gave The Times comments on key topics, including the risks to children of being out of school; the risks to teachers of being in school; whether vaccines are necessary before opening schools; how to achieve distance in crowded classrooms; what kind of ventilation is needed; and whether their own children’s school districts got it right.

In addition to their daily work on Covid-19, most of the experts had school-aged children themselves, half of whom were attending in-person school.

They also discussed whether the new variants could change even the best-laid school opening plans. “There will be a lot of unknowns with novel variants,” said Pia MacDonald, an infectious disease epidemiologist at RTI International, a research group. “We need to plan to expect them and to develop strategies to manage school with these new threats.”

Most of the respondents work in academic research, and about a quarter work as health care providers. We asked them what their expertise taught them that they felt others needed to understand.

Over all, they said that data suggests that with precautions, particularly masks, the risk of in-school transmission is low for both children and adults.

People lined up for coronavirus vaccines at the drive-up site at the Walmart store in Lauderdale Lakes, Fla., last week.Credit…Joe Cavaretta/South Florida Sun-Sentinel, via Associated Press

New York City added workers in the food service and hotel industries to the list of people eligible for coronavirus vaccination on Monday, the same day the governors of Florida and Ohio announced expansions for eligibility in their states.

The expansions come as the supply of vaccines being distributed nationally is ramping up, and after a third vaccine, a single-shot dose from Johnson & Johnson, was authorized for emergency use by the Food and Drug Administration over the weekend. The pace of U.S. vaccinations is again accelerating, up to about 1.82 million doses per day on average, according to a New York Times database, above last month’s peak before snowstorms disrupted distribution.

In New York City, people who work in regional food banks, food pantries and “permitted home-delivered” meal programs became eligible on Monday to receive a vaccine. Hotel workers who have direct contact with guests also became eligible.

The governor of Florida, Ron DeSantis, said on Monday that people 50 and older who work in K-12 schools, law enforcement or firefighting would become eligible on Wednesday. Florida was one of the first states that decided to vaccinate anyone 65 and older, even before most essential workers, which led to long lines and confusion.

Gov. Mike DeWine of Ohio said on Monday that the state would receive more than 448,000 doses this week, including more than 96,000 doses of the Johnson & Johnson vaccine. He said that “in response to this significant increase in the amount of vaccine coming into Ohio,” a new group of people would be eligible on Thursday to get a shot.

That group includes people with Type 1 diabetes, pregnant women and certain workers in child care and funeral services, as well as law enforcement and corrections officers.

To stay ahead of more contagious and possibly more deadly virus variants, states have been racing to ramp up vaccinations and expand eligibility. But they have often done so before the supply could increase quickly enough, creating shortages and making it harder for people to get vaccination appointments.

Frontier Airlines is facing accusations of anti-Semitism for its treatment of the passengers, who are Hasidic Jews.Credit…Tony Dejak/Associated Press

A Frontier Airlines flight from Miami to La Guardia Airport in New York was canceled on Sunday night after a large group of passengers, including several adults, refused to wear masks, the airline said.

By Monday morning, the airline was facing accusations of anti-Semitism for its treatment of the passengers, who are Hasidic Jews, as well as demands for an investigation from the Anti-Defamation League of New York and other groups. Frontier steadfastly held to its position that the passengers had refused to comply with federal rules requiring them to wear masks.

Several phone videos that have surfaced do not show the confrontation that took place between the passengers and the Frontier crew members, only the aftermath. The video footage from inside the aircraft appeared to show members of the group wearing masks. Some passengers said that the episode escalated because just one member of the group, a 15-month-old child, was not wearing one.

Videos of the passengers exiting the plane amid chaos, captured by other people on the flight, were posted on Twitter by the Orthodox Jewish Public Affairs Council. In one video, a passenger says, “This is an anti-Semitic act.”

Another video showed a couple holding a maskless baby in a car seat, as children could be heard crying and a woman explained that the young children in their group, sitting in the back of the plane, had taken off their masks to eat.

A Frontier Airlines spokeswoman said in a statement that “a large group of passengers repeatedly refused to comply with the U.S. government’s federal mask mandate.”

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Asia enjoying ‘catch up’ to Europe in electrical car market: Fitch

The employees will work in the Tesla Gigafactory in Shanghai, East China on November 20, 2020.

Ding Ting | Xinhua News Agency | Getty Images

China is the largest player in the Asian electric vehicle market – but the region still lags behind Europe, according to an analyst from research firm Fitch Solutions.

Asia is falling behind Because European governments are taking strong measures to stimulate the growth of the sector, Anna-Marie Baisden, head of automotive research at Fitch Solutions, said in an interview on CNBC’s “Squawk Box Asia”.

“The region is catching up. When we talk about the Asian EV market, we mostly talk about China, which still accounts for around 90% of sales,” said Baisden.

“But there are a lot of supportive measures that have been put in place in Europe, especially the EU, in response to the coronavirus over the past year … both on the infrastructure side and nationally in terms of incentives,” she said.

A report from Cairn Energy Research Advisors, a consulting firm with a focus on the battery and electric vehicle industry, forecast last year that sales of electric vehicles will increase in 2021. It is coming Countries around the world are pushing for new programs to encourage consumers to buy battery-powered vehicles.

The report also said that The largest growth in sales for this sector is coming from Europe, mainly as EU governments are working to reduce carbon emissions.

Challenges for Japan and India

Baisden said the weak acceptance of electric vehicles in Asia – mainly in countries like Japan and India – was due to a combination of factors.

While there is demand in Japan, “we are still waiting for concrete incentive plans,” she pointed out. “We learned in January that there are plans to create financial incentives for purchasing at the local level, particularly with the goal of having all electric car sales by 2030.”

In India, the electric vehicle sector is likely to receive a boost from Elon Musk’s electric car maker Tesla.

It has a much lower median income than the other Asian markets. There’s a lot of potential there, but it really comes down to India’s demographics.

Anna-Marie Baisden

Head of Automotive Research, Fitch Solutions

According to Reuters, the US company founded Tesla Motors India and Energy Private Limited in February, based in the tech center of Bengaluru in Karnataka.

While the largest economy in South Asia offers tremendous growth potential in the electric vehicle market, the country’s demographics could pose a serious challenge, according to Baisden.

“The supporting guidelines are in place and manufacturers are starting to move in that direction with locally produced cars. But the demographics are different,” noted Baisden.

“It has a much lower median income than the other Asian markets. There is a lot of potential there, but it really comes down to India’s demographics,” she added.

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Israeli Courtroom Says Converts to Non-Orthodox Judaism Can Declare Citizenship

JERUSALEM – The question of who is Jewish and who is not has always been the subject of debate in Israel. Since the state’s inception, the government has largely turned to the Orthodox Jewish authorities, who do not consider converts to more liberal forms of Judaism to be Jewish.

But on Monday the Israeli Supreme Court struck a symbolic blow for a more pluralistic vision of Jewish identity: it granted foreigners converted to conservative, also known as Masorti or Reform Judaism, rights to automatic citizenship within the State of Israel.

The decision was mostly symbolic, as typically only 30 or 40 foreigners in Israel convert to Reform or Masorti Judaism each year, according to the Israel Religious Action Center, the rights group that led efforts to obtain the court verdict.

But the ruling has disregarded some of the monopoly Orthodox rabbis over issues of religious identity that are central to frictions in Israeli society. It also ignites a long-running debate about the relationship between the civil and religious authorities of Israel – and particularly the role of the Supreme Court.

Israeli law has presented the court as a bastion of the country’s secular and liberal elite, acting without democratic legitimacy. And although the court delayed the decision in this case for years in the hopes that parliament would vote on it instead, the court’s critics made political capital out of the decision as early as Monday evening.

Prime Minister Benjamin Netanyahu’s party, a regular opponent of the Israeli courts on charges of corruption, quickly cited the decision as a reason to vote for the party and “ensure a stable right-wing government that will restore the sovereignty of the people.” . “

Israel’s “Law of Return” gives foreign-born Jews or anyone with Jewish parents, grandparents, or spouses the automatic right to claim Israeli citizenship. Those who convert to non-Orthodox Judaism in another country have been able to obtain Israeli citizenship for decades.

Despite the small number, the court’s decision made a big difference to the activists and plaintiffs who first brought the case to the Supreme Court in 2005 and to the Orthodox authorities who opposed them.

“It’s a tremendous sense of relief, gratitude and satisfaction,” said Anat Hoffman, the executive director of the Israel Religious Action Center. “This judgment really opens the gates for Israel to have more than one way to be Jewish.”

One of Israel’s two chief rabbis, Yitzhak Yosef, called it a “deeply regrettable decision” and said conversions to reform and conservative communities were “nothing but fake Judaism”.

“Public officials are expected to work quickly to correct this legislation,” he said, “and the sooner they do so, the better.”

The news is particularly sensitive ahead of next month’s general election, Israel’s fourth in two years. The struggle between the secular and religious communities of Israel was a key feature of the pandemic and a source of debate in the election campaign, as was the role of the Supreme Court.

“It’s a big deal because there has been a dead end on this matter for 15 years,” said Ofer Zalzberg, director of the Middle East program at the Herbert C. Kelman Institute, a Jerusalem-based research group. “And it comes just a month before an election, so it’s dramatically politicized and touches people in visceral places: Who are we? What is our identity And what are our freedoms? “

Mr. Zalzberg said: “This has already sparked a backlash in a large constituency that denies the court’s right to make decisions about what the Jewish collective identity is about.”

There are still restrictions on the marriage of non-Orthodox converts to Judaism as this area is controlled by the Chief Rabbinate of Israel, which does not recognize Reformed or Conservative Judaism. There is no civil marriage in Israel.

For non-Orthodox Jews, however, the Supreme Court decision was a moment of qualified relief – both within Israel and within the Diaspora.

“It affirms that Israel is a home for all Jews,” said Rabbi Jacob Blumenthal, the joint head of an international association of rabbis practicing Conservative Judaism, the United Synagogue of Conservative Judaism. “The ruling is an important step in ensuring freedom of religion in Israel and recognizing the diversity of the Jewish people and practices in Israel and around the world.”

Within Israel, the vast majority of Jews are either Orthodox or secular, but liberal rabbis said the number of non-Jews seeking conversion to more liberal currents of Judaism had already increased.

Rabbi Gregory Kotler, a reformist rabbi in Haifa, northern Israel, said he had received around 20 new inquiries in a matter of hours.

“I almost didn’t want to answer your call,” he said with a laugh, “because I thought it was someone else asking for conversion.”

The Israel Religious Action Center stressed that any new potential convert would go through a rigorous conversion process that would take two or three years.

Orthodox critics “will say we are Jewish lite, they will say terrible things about our conversion,” said Ms. Hoffman. “But it’s not true. We demand that they become part of our communities. “

Gabby Sobelman and Isabel Kershner reported from Jerusalem and Elizabeth Dias from Washington.

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Rally picks up steam as market shakes off charge fears, Dow climbs 650 factors

US stocks rose sharply on Monday as government bond yields fell from last week’s highs, alleviating inflation concerns and higher interest rates undermining stock valuations.

The Dow Jones Industrial Average rose 660 points, or 2.2%, led by Boeing, which rose 6.8%. The S&P 500 gained around 2.1% as all 11 sectors traded in the green. The Nasdaq Composite, the tech heavy index that was hit hard last week, also fell 2.1%.

The 10-year government bond yield fell to 1.43% on Monday, a 3 basis point decrease from Friday and a decrease from its recent high of 1.6% on Thursday. The sudden surge in the benchmark yield has rocked stocks for the past week as rising interest rates can jeopardize the relative attractiveness of stocks and compress stock valuation by reducing the value of future cash flows.

Market breadth was strong on Monday with only about 8 stocks trading lower across the S&P 500. On the NYSE, 11 stocks rose for every stock that fell. Economic reopening games like Carnival and American Airlines were at least 3% higher due to optimism about vaccines and economic reopening. Meanwhile, high-growth technology stocks did better as interest rates fell. Apple and Tesla both rose 3%.

“Equity investors continue to view the rise in interest rates primarily as ‘a good thing’ rather than a threat, although the tree was mixed up in several stocks and other parts of the market last week,” said Peter Boockvar, chief investment officer at Bleakley Advisory Group . “The advantages of vaccines versus the challenge of higher rates will be the theme this year.”

The Centers for Disease Control and Prevention Advisory Board unanimously decided on Sunday to recommend the use of Johnson & Johnson’s one-off Covid-19 vaccine for people aged 18 and over. The company expects to initially ship four million cans.

Last week the blue-chip Dow and the S&P 500 lost 1.7% and 2.5%, respectively. Tech-heavy Nasdaq fell more than 4% over the same period after suffering its worst one-day sell-off since October on Thursday. Technology companies rely on being able to borrow money at low interest rates to invest in future growth.

“The oversized rotation suggests that there may be a tactical reversal as returns calm down,” said Keith Parker, equity strategist at UBS, in a note. “The result should more than make up for headwinds over the course of the year, albeit with downward trends in this upward trend.”

On the stimulus front, the House passed a $ 1.9 trillion Covid Relief Act, the American Rescue Plan Act of 2021, early Saturday. The Senate will now review the legislation.

Key averages rose in February on the back of a strong earnings season, positive news on the vaccine launch and hopes for another stimulus package.

The Dow was up 3.15% in February for its third positive month in four years. The S&P 500 was up 2.61% and the Nasdaq Composite was up nearly 1% for the fourth positive month in a row.

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Your Monday Briefing – The New York Instances

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Good Morning.

We cover Protests in Spain, Great Britain Gap with the EU and the final blow to it hopes for democracy in Hong Kong.

For more than a week, the streets of Barcelona, ​​Madrid and other Spanish hubs have erupted in sometimes violent demonstrations. What began as a protest against the arrest of the Spanish rapper Pablo Hasél has become a collective outcry from a generation that has struggled through years of economic difficulties and sees a lost future even after the end of the pandemic.

Barcelona was once one of the best and most fun places in Europe to be young. The coronavirus crisis, which devastated tourism and the economy contracted by 11 percent last year, was catastrophic for young adults in Spain. Meanwhile 40 percent of the Spanish youth are unemployed, the highest rate in Europe.

“It’s not the same now for a person who is 60 years old – or a 50 year old with life experience and everything that is fully organized – as it is for a person who is now 18 years old and feels like every hour is against to lose this pandemic It’s like losing your whole life, ”said Enric Juliana, opinion columnist at La Vanguardia, Barcelona’s leading newspaper.

Here are the latest updates and maps of the pandemic.

In other developments:

As trade disputes mount, the UK and EU have dealt politically and diplomatically with a speed and bitterness that has surprised even pessimists about the relationship.

Tensions have increased since a new trade deal formalized Brexit on January 1st. Britain refused to grant full diplomatic status to the European Union envoy in London while European leaders responded to vaccine shortages and briefly threatened to tear up the trade deal with Northern Ireland after Brexit.

As a sign of the impending fighting, Bank of England Governor Andrew Bailey warned last week of a “serious escalation” in tensions if the EU tried to force banks to postpone the opening of euro-denominated derivatives trading from London to London Continent.

Analysis: “These are not just teething troubles,” said Kim Darroch, former UK permanent representative to the EU, quoting the government’s statement on the Brexit problems. “There are structural problems that arise when you are not in the internal market. This is what a ‘hard Brexit’ looks like. “

Context: As always with Brexit, much of the antagonism is driven by domestic politics, with the UK’s swift introduction of vaccines serving as ammunition for both the UK’s pro-Brexit cause and anti-UK sentiment within the bloc.

The Hong Kong authorities on Sunday indicted 47 pro-democracy people for violating the strict new national security law of Chinese territory. Police said each person was charged with a single conspiracy to commit subversion. You will face trial today in a courthouse in the West Kowloon area and could face life in prison if convicted.

The 47 helped organize an informal election in July to select candidates for office from within Hong Kong’s pro-democracy political camp. In doing so, the authorities violated the provisions of the Security Act, according to which the functions of the Chinese or Hong Kong government must not be disrupted, disrupted or undermined.

Context: The charges mark the latest escalation in the Chinese government’s efforts to bring Hong Kong firmly under control and represent the most energetic application to date of the far-reaching security law that has cemented the Communist Party’s control over the territory.

The black warriors of the separate American armed forces were called the “Harlem Hellfighters”. They were denied a farewell parade in New York and assigned to the French army because their own compatriots refused to fight by their side. Above the American cemetery and the Maas-Argonne memorial in France, where the bodies of some black Americans of the 369th Infantry Regiment were buried.

It took the U.S. Army more than a century to adopt the nickname as the official special designation for the regiment, an award that was just approved by the Army in September and announced this year by the New York National Guard on the eve of Black History Month.

Myanmar: Security forces in Myanmar opened fire on demonstrators in several cities on Sunday, killing at least 18 people. It was the largest one-day toll since the protests began after the February 1 coup.

Jamal Khashogghi: Although the US has accused the Crown Prince of Saudi Arabia of ordering the assassination of the Saudi dissident, the Biden government is cautious about causing a rupture with a key Arab partner. Tensions surrounding the publication of an intelligence assessment of Mr Khashogghi’s assassination could hamper future interaction between the two countries.

Snapshot: Above, a nurse calms a patient in the intensive care unit at Homerton Hospital, London. While the UK government has been developing plans for a gradual reopening, the fight against Covid-19 in the country’s cramped intensive care units is relentless and full of patients and doctors almost in despair. Our reporters and photographers went behind the front.

Long lost letters: For more than 70 years a cache with more than 700 letters lay undisturbed in the wreck of the SS Gairsoppa, protected from the Atlantic by well-positioned mail bags. Now the restorers at the London Postal Museum are putting together these undeliverable messages from the past.

“Marijuana Light”: A once-ignored hemp derivative called Delta-8-THC has become a big seller for Americans looking for a loophole related to marijuana laws.

What we read: That bittersweet article in The New Yorker about the queer foster families who were a haven for LGBT youth in the 1970s.

Cook: Tartiflette, a casserole with potatoes and bacon from the Alps, bakes golden and wonderfully sticky thanks to its top layer of soft, spicy rind cheese.

Listen: For the past six weeks, the top Billboard song was “Drivers License” by 18-year-old Olivia Rodrigo. That’s how she did it.

Do: Some homeowners have turned renovation projects into a creative outlet during the pandemic, from a redesigned washroom to a new home theater.

Start March off with a bang. At home, you have ideas for what to read, cook, see, and do while being safe at home.

The Times Book Review is 125 years old – – a moment to celebrate, but also for introspection. Reviewer and former editor of the book review, Parul Sehgal, looked back critically on his legacy. This is an edited excerpt from her thoughts on why now is the right time to delve into the past.

You could say my assignment was to review the book review, to include the coverage of “women, people of color, LGBTQ writers” and the changing customs in the review. But what revelatory news could I possibly bring? The word “archive” is derived from the ancient Greek Arkheion, which is sometimes translated as “the ruler’s house”. Who walks there with any illusions?

What could these reviews contain? Some misjudgments, of course – masterpieces that were misunderstood in their day. Some supernaturally sensitive assessments. Fluorescent condescension and stereotype. Above all, the pleasant and dubious gratifications of feeling superior to the past.

And yet. For the past few years, The Times has looked at racial and gender imbalance in its reviews. A survey of nearly 750 books rated by The Times in 2011 across all genres found that nearly 90 percent of the authors rated were white.

But what about the ratings themselves: the language, the criteria? How was your work positioned when “women, people of color, LGBTQ writers” were reviewed? Which patterns can we follow, which consequences? And what do we do with this knowledge – how can it be made useful? What do we really see when we know?

That’s it for this briefing. I wish you a good start to the week.

– Natasha

Thank you
To Theodore Kim and Jahaan Singh for the break from the news and to Parul Sehgal for the backstory. You can reach Natasha and the team at briefing@nytimes.com.

PS
• There is no new episode of “The Daily”. Instead, listen to the first episode of “Odessa,” a new Times podcast about what happened when a high school in Texas reopened during the pandemic.
• Here is our mini crossword puzzle and a hint: it works much better when you are tired (three letters). You can find all of our puzzles here.
• Developers are working to improve the New York Times’ web accessibility using technology that improves the experience of our website and apps for everyone.

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China’s growing older inhabitants is greater downside than ‘one-child’ coverage: Economists

A medical worker takes care of a newborn baby lying in an incubator at Jingzhou Maternity & Child Healthcare Hospital on the eve of Chinese New Year, the year of the ox, on February 11, 2021 in Jingzhou, Hubei Province.

Huang Zhigang | Visual China Group | Getty Images

BEIJING – China’s decade-long one-child policy attracted renewed attention in recent weeks after authorities gave mixed signals as to whether they were any closer to lifting limits on the number of children people can have.

The authorities have withdrawn the controversial one-child policy in recent years to give people the opportunity to have two children. However, economists say other changes are needed to spur growth as births decline and China’s population ages rapidly.

“There are two ways to address this. One way is to loosen birth control. Something (that) helps on the verge, but even if you loosen control completely it is likely to be difficult to reverse the trend,” said Zhiwei Zhang, Chief Economist at Pinpoint Asset Management.

“The other way to deal with it from an economic policy perspective is to make industry more dependent on other sectors,” he said.

China’s economy has relied heavily on industries such as manufacturing, which require large amounts of cheap labor. However, rising wages make Chinese factories less attractive, while workers need higher skills to make the country more innovative.

The bigger problem for China is that an aging population feeds into an existing problem: slower labor productivity growth, said Alicia Garcia-Herrero, Natixis’ chief economist for the Asia-Pacific region. She watches whether China will grow faster in capital-intensive sectors, which can be attributed more to investments in automation.

Births will fall by 15% in 2020

China introduced its one-child policy in the late 1970s to curb population growth. According to official figures, the country had doubled in size from more than 500 million people in the 1940s to over 1 billion in the 1980s.

Over the next 40 years, the population grew by only 40% – to 1.4 billion, more than four times the US today.

I don’t think the easing of birth policies could have much economic repercussions as the slow population growth is not due to political restrictions, not in the last 20 years.

Dan Wang |

Chief Economist Hang Seng China.

Similar to other major economies, high housing and education costs in China have deterred people from having children in recent years.

Despite a change in 2016 that allowed families to have two children, births fell for the fourth year in a row in 2020, falling 15% to 10 million, according to analysis of a public safety report.

“In general, I don’t think the birth policy easing could have a big economic impact as the slow population growth is not due to political restrictions, not in the last 20 years,” said Dan Wang, Shanghai chief economist at Hang Seng China.

She said, based on the experience of other countries, the most effective policy for a country the size of China would be to accept more migrants, but that would be an unlikely change in the short term.

Other options that policymakers are already pursuing include raising the retirement age, improving the skills of the existing workforce through more education, and using more machines and artificial intelligence to replace human workers, Wang said.

Policy changes are only a matter of time

The one-child policy received renewed attention last month when the National Health Commission issued a statement authorizing research into the economic benefits of lifting restrictions on birth in a northeastern region. The three-province area known as Dongbei has economic problems and the lowest birth rates in the country.

Two days later, the commission issued another statement saying that, despite much online speculation, the news was not a test for the complete repeal of family planning policy.

However, according to economists polled by CNBC, lifting the limits is likely only a matter of time.

Yi Fuxian, critic of the one-child policy and author of “Big Country with an Empty Nest,” said he expected a decision by the end of the year after China released census results once in a decade in April.

Challenges posed by China’s aging population

The Chinese government has also stated that implementing a strategy to respond to an aging population will be a priority for its next five-year plan, which will be formally approved at a parliamentary session starting this week.

Meanwhile, the generations born before the one-child policy was implemented in the 1980s are becoming a significant segment. Over the next 10 years, 123.9 million more people will be entering the age bracket of 55 and over. This is the largest demographic increase among any age group, according to Morgan Stanley.

This demographic shift will create its own economic demands, said Liu Xiangdong, deputy director of the economic research department at the China Center for International Economic Exchanges in Beijing.

Liu said more workers are needed to care for the elderly, while retirement communities and other infrastructures tailored to an older population will see greater demand.

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Army Crackdown in Myanmar Escalates With Killing of Protesters

Minutes after the ambulance left, an army truck stopped at the end of the street and soldiers opened fire on the group, said Dr. Si Thu. At this point the other two men were wounded, one in the chest and one in the arm.

Mr. Maung Maung Oo was taken to the Byamaso Social Association hospital where he died, said U Zar Ni, a doctor there. U Lei Lei, another doctor at the hospital, said a second protester also died there from a gunshot wound.

Later, after protesters in Mandalay largely dispersed, a woman was shot in the head and killed as police and soldiers cleared barricades and apparently fired arbitrarily at people in the street, a witness said. Dr. Tsar Ni said the woman, whose name was not published, was dead when she arrived at Byamaso Hospital.

In Yangon, Myanmar’s largest city, a protester named Hein Htut Aung, 23, was shot dead during a demonstration in Thingangyun Township. His death was confirmed by the Nadi Ayar Hospital, where he was taken. Another protester in Yangon, Nyi Nyi Aung Htet Naing, was also shot dead, according to family members. The last post on his Facebook page was “#How_Many_Dead_Bodies_UN_Need_To_Take_Action?”

When teachers gathered to demonstrate at another protest location in Yangon, police began firing tear gas and rubber bullets near them, and an elementary school teacher identified as Daw Tin Nwet Yi died of a heart attack, a witness said.

Police also arrested at least 100 medical students in Yangon as they prepared to march in their white coats in a separate protest, witnesses said. Doctors have spearheaded the civil disobedience movement, and many have refused to work in government hospitals, which the coup brought under military control.

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U.S. to supply extra element on actions in opposition to Saudi Arabia

The Saudi Crown Prince Mohammed bin Salman speaks during the Future Investment Initiative Forum in Riyadh, Saudi Arabia on October 24, 2018.

To contact Algaloud Reuters

The State Department will provide additional information on action against Saudi Arabia on Monday after a U.S. intelligence report found the Crown Prince responsible for the brutal murder of journalist Jamal Khashoggi in 2018, a White House official told NBC News.

Secretary of State Antony Blinken on Friday imposed visa restrictions on 76 Saudi people believed to have “threatened overseas dissidents, including but not limited to the murder of Khashoggi”.

The office of the director of the National Intelligence Service released a report on Friday that found that Saudi Crown Prince Mohammed bin Salman approved the operation that killed Khashoggi. The report cited the Crown Prince’s control over decision-making in Saudi Arabia.

However, the New York Times reported Friday that the Biden government would not punish the crown prince for Khashoggi’s murder. The White House ruled that such measures would create excessive costs for US-Saudi Arabia cooperation on counter-terrorism and confrontation with Iran, according to the Times.

When asked on Saturday whether the US would punish the crown prince, Biden said the government would make an announcement on Monday about relations with Saudi Arabia. However, a White House official clarified that the announcement will include additional details about the state’s actions on Friday.

“The recalibration of relations with Saudi Arabia began on January 20 and is ongoing,” the official told NBC News. “The government took a multitude of new measures on Friday. The President pointed out that the State Department will provide further details on Monday and clarify these announcements, not new announcements.”

Khashoggi, a 59-year-old American and a Washington Post columnist, was a critic of the Saudi royal family. He entered the Saudi consulate in Istanbul on October 2, 2018 and never left.

Khashoggi was killed, his body was dismembered, and his remains were never recovered.

The White House has announced that it will review relations with Saudi Arabia, which were particularly close under former President Donald Trump. In a diplomatic reprimand to the Crown Prince this week, the White House made it clear that Biden does not see 35-year-old bin Salman as his counterpart and will instead have relationships through his aging father, King Salman.

Bin Salman has been the public face of the kingdom since he became Crown Prince in 2017.

– CNBC’s Spencer Kimball contributed to this report

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U.S. Universities Plan for a ‘Extra Regular’ Fall

Colleges and universities across the country are committed to fully reopening in the fall. Some administrators fear students will not return to campus if normality, or an appearance of it, is not restored by September.

Schools from large government to small private institutions have announced plans to bring students back to dormitories, appoint professors to teach most (if not all) classes in person, and resume extracurricular activities, in stark contrast to the final school year of largely virtual courses and limited social contact. The announcements of these changes coincide with the sending of letters of admission to the Class of 2025.

Some schools have suffered a financial blow because admission was postponed or room and board costs were lost.

Bradley University in Peoria, Illinois, with 5,600 undergraduate and graduate students, announced earlier this month that it would be returning to “traditional residential education” this fall with in-person courses and on-campus activities.

Kansas State University announced on Wednesday that it too is planning a “more normal” fall semester with largely personal courses, events and activities. The state of Ohio announced Thursday that it plans to offer “robust” personal activities and classes to allow students to live in dormitories and fans to attend soccer games.

Katherine Fleming, the Provost of New York University, told colleagues in an email on Tuesday that “all faculties should teach their classes in person in the classroom in the fall of 2021”. However, she acknowledged that this would depend in part on whether enough professors had been vaccinated by then.

In fact, most school officials said that whether they can keep those promises depends on factors such as the suppression of the virus, the availability of the vaccine – which is still scarce, even for eligible individuals – and guidance from government authorities .

Despite hopes of the fall, schools are struggling to keep the virus at bay. Positivity rates rose among college students as well as the general population on vacation when people were traveling. Administrators have issued many stern warnings that small groups and gatherings were a source of infection. However, many have found that the classroom itself has not been proven to be a vector of infection as long as students and teachers follow safety guidelines such as wearing masks and social distancing.

More than 120,000 coronavirus cases have been linked to American colleges and universities since January 1, and more than 530,000 cases have been reported since the pandemic began, according to a survey by the New York Times. The Times has recorded more than 100 deaths, but the vast majority were staff members, not students.