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The ceasefire between the United States and China has set off a huge celebration on Wall Street.The Dow soared about 400 points at Monday's opening bell after China and the United States reached a temporary trade truce. It's a big relief because the damaging trade war between the world's two largest economies was set to deepen in January.The Nasdaq and the S&P 500 climbed more than 1% apiece."A truce is definitely better than an escalation of hostilities," Kit Juckes, strategist at Societe Generale, wrote to clients on Monday.Juckes said that even though investors may doubt the substance of the US-China agreement, "this morning's response reflects relief and a desire to pick up some last-ditch bargains."The relief rally comes after the S&P 500 spiked nearly 5% last week, its best since December 2011. That rebound was triggered by hopes of progress on the trade front and a speech by Federal Reserve chief Jerome Powell that investors interpreted as a signal the central bank will not rush to raise interest rates."The China trade situation is the keystone in the arch of agita," said Sam Stovall, chief investment strategist at CFRA Research.The progress on talks with China means "now we have a very good chance of experiencing a Santa Claus rally," said Sam Stovall, chief investment strategist at CFRA Research.It wasn't just US markets celebrating. Major indexes in Hong Kong and Shanghai surged more than 2.5%. And markets in London, Frankfurt and Paris climbed 2%. Commodities also raced higher. Copper and soybeans rallied. US oil prices, boosted by hopes of an agreement by Russia and Saudi Arabia to cut output, surged 4%.After meeting on Saturday, US President Donald Trump and Chinese President Xi Jinping agreed to hold their fire on tariffs while they try to reach a trade deal. Trump agreed not to raise the 10% tariffs on 0 billion worth of Chinese goods for now. Those tariffs had been scheduled to automatically rise to 25% on January 1. And China said it would be willing to purchase a "very substantial" amount of agriculture, energy and other US products.Still, some analysts warned that the celebration on Wall Street could be short-lived. China and the United States now only have 90 days to sort out nagging trade issues that have been in contention for years, if not decades. And the statements that emerged from the trade meeting lacked concrete details."The beefiest part of Saturday evening's meeting between Presidents Trump and Xi may well have been the local sirloin served for dinner," Nicholas Colas, co-founder of DataTrek Research, wrote to clients on Monday.Goldman Sachs economists said the most likely outcomes are that the truce gets extended after 90 days or that the trade war escalates. The investment bank sees just a 20% chance over the next three months of a comprehensive deal rolling back tariffs."The specter of higher and broader US tariffs remains," Goldman Sachs chief US political economist Alec Phillips wrote to clients on Sunday. 3014

The Federal Aviation Administration has issued a safety alert about flying with dry ice onboard, in anticipation of the huge nationwide distribution project anticipated to start in the next few days once the Pfizer COVID-19 vaccine is approved for use.The Pfizer and Moderna vaccines both need to be kept at extremely cold temperatures, requiring the use of dry ice during transit.Dry ice is frozen carbon dioxide that is pressed into blocks or pellets. It doesn’t melt into a liquid, it moves directly from a solid to a gas and that process can happen quickly at high altitudes.That can cause problems onboard a plane, such as causing the plane to weigh less at times during the flight and change its center of gravity.“CO2 sensors installed or carried in the aircraft or worn by the pilots and other crewmembers will assist the operator and crew in recognizing hazardous concentrations of CO2 and implementing effective risk controls,” the FAA’s safety alert recommends.In addition, they encourage maximum ventilation onboard while on the ground and in the air, asking crewmembers to check air conditioning units and auxiliary power units before flight.Exposure to elevated levels of CO2 can cause drowsiness or dizziness, and higher levels can impact breathing eventually leading to hypoxia and death.The FAA also recommends that “pilot training on specific conditions and procedures can improve pilot decision-making in the event of a CO2 detector alert or other system abnormalities.”Friday morning, Health and Human Services Director Alex Azar said Americans could begin getting the COVID-19 vaccine next week once the FDA and CDC give it emergency use approval. 1676

The concept of universal basic income is getting new attention amid the COVID-19 pandemic. It’s the idea of giving out recurring payments to everyone without any strings attached.Stockton, California, has been testing this with 125 people, giving them 0 per month. They've been getting that money for more than a year and it was supposed to stop this summer, but the mayor extended the money until January because of the pandemic.More mayors are getting on board with the idea. Fifteen joined the organization Mayors for a Guaranteed Income. They're looking into launching pilot programs in their cities.We spoke with an economics professor who says the pandemic stimulus payments can be seen as a form of universal basic income.“Seeing that I think it must make the idea more real and at the same time it's pretty clear at this very moment why you might find this idea appealing,” said Ioana Marinescu, an assistant professor at the University of Pennsylvania. “That's because, again, a lot of people have lost income. There's a clear need for income security.”In the case of the stimulus checks, it's not people's fault they lost their income.With universal basic income, critics say people may not be deserving of the money. Marinescu believes the stimulus may be helping change the perception. She points to money people receive in Alaska from oil revenue. She says people aren't any less likely to work.In Stockton, they've found people are using the money for necessities like groceries and utility bills.How universal basic income, or UBI, gets funded is a big question.“One interesting thing that has happened with the stimulus checks is the idea that people had of saying it's going to be based right now on your past income and we'll potentially tax it away later after we're out of this hole,” said Marinescu. “So to me, that's a potentially important lesson for a potential UBI.”The president of the nonpartisan Center on Budget and Policy Priorities wrote that paying for universal basic income from new taxes isn't the way to go. He says we already need a lot of money to keep social security and Medicare going.Stockton's mayor says money from the pentagon budget or tax money from the legalization of marijuana could work. He's paying for his city's current pilot program with a grant and a private donation.Other cities looking to start pilots are considering forming public-private partnerships or working to find room in the city budget. 2467

The Democratic National Convention featured a video on Tuesday highlighting the friendship between former Senate colleagues John McCain and Joe BidenThe video featured Cindy McCain, Sen. McCain’s widow.“My husband and Vice President Biden enjoyed a 30+ year friendship dating back to before their years serving together in the Senate, so I was honored to accept the invitation from the Biden campaign to participate in a video celebrating their relationship,” Cindy McCain tweeted.The Biden-McCain relationship has been well documented over the years.In 2017, following Sen. McCain’s brain cancer diagnosis, Biden appeared on ABC’s “The View,” which is co-hosted by the senator’s daughter Meghan McCain. The segment was emotional, as Biden discussed how he lost his son Beau in 2015 from the same type of cancer that ultimately killed Sen. McCain.McCain died in August 2018 from brain cancer.The Democratic Party has used the convention to paint Biden as a bipartisan candidate who can attract moderate Republicans. On Night 1 of the convention, Democrats featured former Ohio Gov. John Kasich among other Republicans to display their support for Biden.While McCain was once the standard bearer for the Republican Party, his influence in the party dwindled in his later years. In 2017, shortly after his cancer diagnosis, McCain joined just two other GOP senators in striking down legislation that would have repealed parts of the Affordable Care Act. McCain’s vote drew scorn from Republican leaders including President Donald Trump.The frosty relationship between Trump and McCain became evident following McCain’s death, when he opted in his will not to invite Trump to his funeral, but extended invitations to former Presidents Bill Clinton, George W. Bush and Barack Obama. 1786

The first day of October might seem like an odd time to talk about summer camp, but one business has found a way to keep its operation running overtime during the COVID-19 pandemic.Camp Sea Gull is located on a remote part of the North Carolina shore. Typically, it accommodates thousands of campers a year. But once COVID-19 hit, that changed and put the camp in a precarious position along with so many other businesses.“It was really difficult,” said camp director Allison Simmons.Simmons said the camp was able to open this summer but only with a fraction of its normal participants. So, to try to attract more people, she had the idea of opening the bunks to families who wanted a change of scenery as they work or learn from home.“To me, this is giving a lot of our parents and students some hope in breaking up the monotony of whenever their school started,” said Simmons.The reservations allow families to stay at Camp Sea Gull for up to seven days, and Simmons, along with other administrators, came up with five different activity programs for families.The camp installed high-speed WiFi throughout its buildings so parents and their kids could access it during working hours, while it worked to offer activities afterward.A normal day might include opportunities to fish, sail, canoe, and play games from 3 p.m. to sundown.“[Before coming to camp] my kids were all sitting in their rooms by themselves for 6 or 8 hours a day in front of a screen, and that’s just not normal for kids,” said Stan Coerr.Coerr says he has been coming to Camp Sea Gull for 40 years--first as a camper, then as a counselor, and now as a dad who wants to plan a getaway with his three sons ages 20, 16, and 14.“I told my boys [the pandemic] won’t be the worst thing you go through but it will probably be the weirdest,” said Coerr. “And as much as I can get them out and doing things as a family, which is kind of rare these days, I will definitely take that opportunity.”Coerr says the four of them stay in the same bunk and have each claimed a portion of it for their work. Since being at camp for a few days now he says he has noticed his sons are more attentive to their schoolwork and bicker less.It has also allowed Simmons’ business to flourish. She says camp can now stay open past August, when it would end during a normal season.She says 75 percent of the people who have signed up are new clients as well. 2412