Techs lead stock gains...US delays Huawei restrictions...”Medicare for All” price tag
NEW YORK (AP) _ Stocks have been higher in afternoon trading on Wall Street as technology companies led solid gains across the market. Chipmakers led the rally after the U.S. government issued a 90-day grace period on its order of sales restrictions to Chinese telecom gear maker Huawei (WAH’-way). J.C. Penney fell after reporting a wider than expected quarterly loss and Kohl’s sank after cutting its outlook for fiscal 2020.
UNDATED (AP) _ The U.S. is delaying restrictions on technology sales to Chinese powerhouse Huawei (WAH’-way) in an effort to ease the blow on owners of its cell phones and on smaller U.S. telecom providers that rely on Huawei’s networking equipment. The Trump administration insists the sanctions are unrelated to its trade war with China. Many analysts see it as aimed at pressuring U.S. allies in Europe to support the push to exclude Huawei equipment from next-generation wireless networks. Huawei is the world’s biggest maker of mobile network gear and the No. 2 smartphone brand but the U.S. claims Huawei is a cybersecurity risk.
WASHINGTON (AP) _ The “Medicare for All” plan embraced by leading 2020 Democrats appears more generous than what’s offered in other advanced countries. The plan by Sen. Bernie Sanders would charge no copays or deductibles for medical care, allowing only limited cost-sharing for certain prescription drugs. Independent studies estimate the plan would dramatically increase government spending, from $25 trillion to $35 trillion or more over 10 years.
SACREMENTO, Calif. (AP) _ California is suing to block the Trump administration from cancelling nearly $1 billion for the state’s high-speed rail project. Democratic Gov. Gavin Newsom calls the move illegal and says it’s political retribution for California’s resistance to Trump’s immigration policies. The money comes with the requirement that California complete a 119-mile segment of track in the state’s agricultural heartland and environmental work on the entire line by 2022. The Federal Railroad Administration says California can’t meet that deadline.
FORT WORTH, Texas (AP) _ Checking that surfboard on a plane just got cheaper. American Airlines has eliminated the $150 fee for checking some oversized sporting gear and musical instruments on flights. Regular baggage fees will still apply, starting at $30. Travelers will still be charged $150 for some items including antlers and scuba tanks, and extra fees also apply to gear weighing more than 50 pounds.