US legislative process

An intra-party dispute that has been going on for weeks in Washington over the size of the economic spending packages proposed by the Biden administration is about to be resolved.

The White House and Democratic legislators are approaching a framework agreement for a package of legislation on social programs and climate change that could be announced in the coming days, according to three sources familiar with the ongoing negotiations.

The White House and Democrats are still investigating the details of the expected final size of the social spending package originally proposed at $3.5 trillion. The sources spoke to Reuters on condition of anonymity.

Bitcoin on NYSE

Bitcoin moved closer to it all-time record, with shares of the first bitcoin-linked exchange-traded fund (ETF) trading in the US on Tuesday.

Bitcoin price surpassed $64,300, approaching its all-time high of $64,899 on April 14.

ProShares Bitcoin Strategy ETF, the eighth largest ETF provider by assets, rose more than 4% to $41.64 on its first day on the New York Stock Exchange (NYSE) with the code “BITO”.

US stocks

U.S. stocks continued their gains on Tuesday as major companies continued to report strong third-quarter earnings.

The S&P 500 climbed 0.7% to 4,519.63 and rose for the fifth consecutive day. The Dow Jones Industrial Average rose 198.70 points, or 0.6%, to 35,457.31. The Nasdaq Composite Index rose 0.7% to 15,129.09.

The Dow and S&P 500 are currently less than 1% from their all-time highs. Dow affiliate Travelers gained 1.6% after the insurer’s quarterly earnings report met expectations.

Johnson & Johnson rose 2.3 percent after beating expectations for its third-quarter earnings by 25 cents per share.

New rocket test from China

China said Tuesday it had fired the world’s largest, most technically advanced solid propellant rocket engine for the first time.

According to the China Aerospace Science and Technology Corporation (CASC), the rocket’s 3.5 meters (11.5 feet) wide engine can generate 500 tons of thrust. That’s four times more powerful than the liquid fuel engine aboard the Long March 5, currently the largest launch vehicle in China’s space program.

Sino-Indian border

China has deployed more than 100 advanced long-range rocket launchers to its high-altitude borders with India, a source close to the Chinese military told the Hong Kong-based South China Morning Post.

As the protracted border disputes between the two sides remained at a stalemate, the source said, the Chinese People’s Liberation Army (PLA) increased its defenses in preparation for the Himalayan winter and in response to the Indian Army’s deployment of three regiments of M777 ultralight howitzers along the Line of Actual Control (LAC).

The PLA has deployed more than 100 PCL-181 light, truck-mounted howitzers across India’s borders. “The firing range of this Chinese-developed launcher is twice that of the Indian M777,” the source said.