DELL

A bill designed to encourage more semiconductor companies to build chip plants in the United States passed the Senate on Wednesday as lawmakers raced to finish work on a key priority of the Biden administration. The $280 billion measure, which awaits a House vote, includes federal grants and tax breaks for companies that construct their chip facilities in the U.S. The legislation also directs Congress to significantly increase spending on high-tech research programs that lawmakers say will help the country stay economically competitive in the decades ahead. Senate passage came by a 64-33 vote.

U.S. stocks advanced early Friday as Wall Street attempted to shake off this week’s losses. Sentiment was buoyed by better-than-expected retail sales data and a strong earnings report from Citigroup.