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Politics

Greg Abbott Calls Texas Particular Session, in New Voting Rights Struggle

Gov. Greg Abbott of Texas on Thursday called a new special session of the Legislature that is set to begin on Saturday, renewing Republican efforts to overhaul the state’s elections and putting pressure on Democratic lawmakers who left the state for Washington last month to block the legislation.

Mr. Abbott, a Republican, stuck to his pledge “to call special session after special session,” releasing a 17-item agenda for the Republican-controlled Legislature with a new voting bill at the top. The list also included a host of other conservative goals, like restricting abortion access, limiting the ways that students are taught about racism and tightening border security.

His announcement sent national attention swinging back to a hotel in downtown Washington, where several dozen Democrats from the Texas House of Representatives are grappling with a familiar question: Stay or go back?

The Texas Democrats are torn over how much is left for them to accomplish in Washington, with some moderate members of the caucus believing that their point has been made. But more progressive members are pushing to stay in Washington and continue to call attention to voting rights, at least while the U.S. Senate remains in session.

“I’ve been very clear, as it relates to me, that as long as Congress is in town, working on voting rights, I will be here in Washington, D.C., advocating for voting rights,” said State Representative Trey Martinez Fischer, a Democrat who was one of the organizers of the initial flight from Austin.

President Biden’s administration, by contrast, appeared to suggest that it would support a return to Texas by the state lawmakers.

“Certainly, the president believes that, one, they’ve been outspoken advocates and champions of voting rights,” Jen Psaki, the White House press secretary, said at a news conference, adding that if the legislative calendar “required them to be there, we would support that.”

The lawmakers’ stay in Washington has amounted to a prolonged period of limbo; their trip has delayed Republicans’ attempt to pass an election bill, but it remains unlikely that it will be a fatal blow.

Federal officials celebrated their arrival in Washington, with Vice President Kamala Harris likening their departure from Texas to the voting rights march in Selma, Ala., and other famous civil rights protests of the 1960s. But the group lost momentum when several vaccinated legislators tested positive for the coronavirus.

In video chats, the Texas Democrats did their best to maintain pressure on both the White House and Democratic senators to find a path forward for federal voting legislation, and eventually coaxed more than 100 state legislators from other states to join them in Washington.

And the lawmakers’ visit to Washington has coincided with the renewal of talks toward a compromise voting bill. Eight Democratic senators, including Senator Joe Manchin III of West Virginia, have been moving closer to a final draft to be introduced later this year. What prompted the end of congressional inertia, however, is unclear, and any federal voting bill would remain unlikely to move quickly through the chambers of Congress.

So now, with the Texas Democrats confronting an uncertain future, they are debating their next moves.

If they return, they could be subject to the as-yet-untested powers of the Republican Statehouse leadership to arrest and detain any lawmakers who do not show up for a legislative session while in the state of Texas.

While Speaker Dade Phelan, a Republican, can issue arrest warrants during a session that has been gaveled in, there has never been a test of that authority when a session has been called by the governor but cannot start because enough lawmakers have declined to show up. Mr. Phelan’s office believes he has the authority to request arrest warrants and send law enforcement officers to retrieve absentee lawmakers even if the session has not started.

Back in Austin, Republican members said they had been maintaining informal discussions with their Democratic colleagues in an attempt to re-establish a quorum and get back to work. The partisan strictures in the Texas Legislature are far less rigid than those in Congress, with no dividing aisle between Republicans and Democrats. Members of the opposing parties intermingle more on the House floor and often form working friendships.

“I can tell you they’ve been going on since they left three weeks ago,” State Representative Jim Murphy of Houston, the chairman of the 83-member House Republican Caucus, said of the largely ad hoc discussions. Most of the conversations were “just personal — largely people want to know if they’re going to return,” he added. “How committed are they? Are there some that are willing to come back? Are there things that need to happen to encourage them to return?”

“I’ve done some texting, some phone calling,” he said, though “not a whole lot.”

At least nine Democrats have remained in Austin for varying reasons, though most, if not all, have embraced their colleagues’ opposition to the voting bill.

But as Democrats consider their immediate future, Mr. Abbott did add a surprise item to the agenda that, while unclear in its scope or likelihood of success, could further complicate their calculations: “Legislation relating to legislative quorum requirements.”

Katie Rogers contributed reporting.

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Politics

Harris and Pelosi Are First Girls Behind a President at Joint Session

President Biden began his address to a joint congressional session with a series of words no American president had said before: “Madam Vice President and Madam President.”

For the first time, the President addresses two women – Vice President Kamala Harris and Spokeswoman Nancy Pelosi of California. While Ms. Pelosi has made several speeches on the state of the Union behind the President on the podium, this is the first time Ms. Harris.

The two women greeted each other with a friendly elbow before the President arrived.

For an event characterized by pomp and circumstance, the pictures from such nights can leave a lasting impression. And this tableau – a visual representation that the first and second in the line of presidential succession are both women – shows the advancement of women in American politics.

Hours before the speech, when asked about the historic moment on MSNBC, Ms. Pelosi said that while it was “exciting” it was also “about the time”.

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World News

Dow closes up 450 factors at its session excessive, posts a successful week

US stocks climbed Friday, ending the volatile week on a high as stocks that benefited from a successful economic reopening outperformed again.

The Dow Jones Industrial Average closed 452.97 points, or 1.4%, to 33,072.52. The S&P 500 rose 1.7% to 3,974.50, led by energy and materials. The Nasdaq Composite was down 0.8% and ended the session 1.2% higher. All three key benchmarks recovered to their session highs by the end.

Financial stocks rose after the Federal Reserve announced that banks could resume buybacks and raise dividends from late June. The central bank originally announced that it would lift restrictions on the pandemic in the first quarter, but even the belated move gives investors more clarity.

JPMorgan’s shares were up 1.5% while Bank of America was up 2%. Goldman Sachs was up 1%.

Classic re-opening games build on the dynamics of the previous session. American Airlines was up 1% while Royal Caribbean, Carnival and Norwegian Cruise Line were up more than 1%.

President Joe Biden announced a new goal Thursday of distributing 200 million Covid vaccine shots within his first 100 days in office. As of Friday, there have been 100 million coronavirus vaccinations since Biden was inaugurated.

Fears of rising inflation eased after the data showed tamed price pressures. The core consumer spending index, which excludes volatile food and energy prices, rose 0.1% month-on-month, in line with the expectations of economists polled by Dow Jones. Year after year, the measured value rose by 1.4% and was thus slightly below an estimate of 1.5%.

“PCE deflator data, which is softer than expected, supports the idea that government bond yields are likely to consolidate in the near term,” said Edward Moya, senior market analyst at Oanda. “The lower the inflation base, the easier it is for markets to convince themselves that the impending rise in price pressures will be temporary.”

The 10-year US Treasury yield fell from its peak after the inflation data, and most recently rose 3 basis points to 1.65%. The rate jumped 6 basis points earlier.

Meanwhile, consumer sentiment in the US continued to rise during the introduction of the vaccine. A University of Michigan poll released Friday found the consumer sentiment index finalized at 84.9 in March, up from 76.8 in February. Economists polled by Dow Jones expected a value of 83.7.

The Dow and S&P 500 are on track for small wins in the week of consecutive wins. However, the Nasdaq is still lower on the week. The rally to record highs has slowed in recent weeks amid rising interest rates and valuation concerns.

“The market has been feeling rather choppy lately and this could become more of the norm as we enter the second year of recovery,” said Larry Adam, chief investment officer at Raymond James. “These periods, like most, are not moving in straight lines as there will be drawdowns along the way. This is not for concern, but investors should expect and take advantage of some weakness.”

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World News

Dow futures rise 100 factors forward of holiday-shortened session

US stock index futures rose early in the trading day on the Thursday before the last trading day of the week with shortened holidays.

Futures on the Dow Jones Industrial Average indicated an opening gain of around 100 points. S&P 500 futures and Nasdaq 100 futures also traded in positive territory.

The S&P 500 ended Wednesday’s session barely changed – up less than 0.1% – after slipping in the last few minutes of trading. Even so, the benchmark index suffered a three-day streak of bad luck. The Dow gained 114.32 points, or 0.38%, after rising more than 270 points at one point during the session. The Nasdaq Composite hit a record high before wiping out those gains and closing 0.29% lower.

“It was sold in the index-dominating tech names that weighed on the SPX, not in the general market weakness,” Vital Knowledge’s Adam Crisafulli said in a note. Netflix and Microsoft were among the declining tech names, falling 2.4% and 1.3% respectively.

The late-day decline came as investors took profits late in the year and President Donald Trump vetoed a comprehensive defense bill. The move came after calling the US $ 900 billion congressional aid package to Covid an inappropriate “shame”. The president looked particularly at direct payments, which were to be increased from $ 600 to $ 2,000.

Democrats will attempt to make $ 2,000 direct payments Thursday, but Minority Leader Kevin McCarthy, R-Calif., Will object, CNBC reported. Meanwhile, McCarthy plans to offer a new temporary spending bill that will separate State Department funding and foreign aid funding from the wider spending package – a plan Democrats would likely oppose.

The main averages were mixed until the last day of the shortened vacation week. The Nasdaq is well on its way to end the week higher while the Dow and S&P 500 are slightly lower for the week. The Russell 2,000, which hit a new intraday and all-time high on Wednesday, is also higher for the week. Amid the strength of small-cap names, the index is on its way to its eighth straight week of earnings – the longest weekly earnings streak since February 2019.

With only 4.5 trading days a year, the Nasdaq is well on its way to becoming the clear winner, currently up around 42%. The Russell 2,000 is up 20% over the year while the Dow and S&P 500 are up 5.6% and 14.2%, respectively.

In terms of data, US jobless claims for the week ended December 19 were 803,000, better than an estimate of 888,000, according to economists polled by Dow Jones. However, both core durable goods and personal income fell below expectations in November.

The market closes early on Thursday at 1:00 p.m. ET and closes on Friday for Christmas.

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