Major Indices in the US stock market closed higher on Wednesday’s trading session as the House of Representatives voted to impeach President Donald Trump for the second time, accusing him of incitement of insurrection over his speech that led to the storming of the US Capitol on 6th January.
A total of 232 representatives voted for the motion, including 10 Republicans.
Outgoing Senate Majority Leader Mitch McConnell said that the Senate would not reconvene before January 19, meaning Donald Trump’s impeachment trial will take place after he leaves the White House.
The Dow Jones remained unchanged from the previous trading while the S&P 500 closed higher by 0.23% and the Nasdaq 100 was up 0.63%.
Tesla to recall 158,000 cars in US
Tesla Inc. has been asked by the United States National Highway Traffic Safety Administration (NHTSA) to recall 158,000 Model S and Model X cars due to display failures “resulting in loss of rearview camera and other safety-related vehicle functions.”
According to the Wallstreet Journal, the action would represent a relatively large recall for Tesla, which has far fewer cars on the road than some rivals.
Meanwhile, Tesla on Wednesday announced its Model Y, mid-size SUV received a 5-star safety rating in every category from the National Highway Traffic Safety Administration (NHTSA). The company stated it expects similar results for all Model Y variants, including Performance AWD and single motor, rear-wheel-drive variants.
Citgroup to merge private bank, consumer wealth management
American multinational financial services firm Citigroup will merge its private bank with its consumer wealth operations, according to Bloomberg, citing a company memo from Fraser.
The new business will be called Citi Global Wealth and it will aim to acquire clients when they start accumulating wealth and keep them on as they get richer. Currently, the private bank serves customers who have more than $25 million in assets while the consumer wealth management business focused on anyone with up to $10 million in assets.
Alibaba, Tencent, Baidu Removed from US Ban List
The United States government will soon remove three Chinese companies, Alibaba Group, Tencent Holdings and Baidu, from the list of firms suspected to be supporting China’s military and security policy, – the Wall Street Journal reports.
The decision was reached after more than a week of dispute resolution among the US Treasury and State Department and Pentagon, where two sides were weighing the military threat against potential economic losses, caused by the three Chinese tech companies.