With a largely party-line acquittal of Donald Trump expected as soon as this weekend in his second impeachment trial, the former president’s defense lawyers put on a short case. Rejecting charges he incited the unprecedented Jan. 6 insurrection that killed a police officer and threatened the lives of Congress and Vice President Mike Pence, they argued that the prosecution failed to connect Trump’s actions to the crimes perpetrated in his name that day. The defense presentation was followed by questions from the 100 senators serving as jurors. Republicans used their inquiries to bolster Trump’s claims while Democrats used theirs to attack them, though there were exceptions. Senators Susan Collins and Lisa Murkowski, two Republicans who have said they haven’t made up their minds, asked the defense what Trump did to stop the attack, and that if he did do something, when exactly did he do it. Trump’s lawyers didn’t have an answer. —David E. Rovella

Bloomberg is tracking the progress of coronavirus vaccines while mapping the pandemic globally and across America. 

Here are today’s top stories  

A year after the coronavirus outbreak triggered a global stock market plunge, investors are weighing how much longer the recovery rally can last after a flood of bailout money pushed valuations above pre-pandemic levels. Here is where the market stands.

Economists are ratcheting up their projections for U.S. growth this year as Congress moves closer to another large financial support package. Meanwhile the recovery in much of Europe is expected to be more moderate.

Goldman Sachs said it plans to issue more environmental, social, and governance bonds on a regular basis as part of its plans to deploy $750 billion in sustainable financing.

The World Health Organization backpedaled a bit after a fact-finding mission to China rejected speculation that the coronavirus could have leaked from a lab. All avenues of research remain open, the WHO’s chief said. In the U.S., the Centers for Disease Control and Prevention stepped into the longstanding debate over whether and how to keep schools open with guidance including key steps to open them as quickly as possible. Here is the latest on the pandemic.

Purpose Investments said Canadian securities regulators have cleared the launch of its Purpose Bitcoin ETF, making it the first to gain regulatory approval in North America.

Some of the world’s largest technology companies are complaining to U.S. antitrust regulators about a huge acquisition they contend will harm competition in an area of the industry vital to their businesses.

This weekend’s forecast for Colorado backcountry skiers is danger: the deadliest avalanche threat in more than a century.

What you’ll need to know tomorrow 

• The alarm for Warren Buffet’s favorite valuation metric just went off.
• This so-called king of SPACs said he’s the next Oracle of Omaha.
• Volatility index falls below key level for first time since Covid crash.
• Surprise bills await you as a pandemic-tinged tax season begins.
• New climate satellite spots massive methane leak as it happens.
• China state TV Lunar New Year show has blackface performers.
• This comedienne gave a New York City waitress a $7,000 tip.

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What you’ll want to read tonight in Businessweek

How to Really Start Your Own Wine Collection

Maybe last year you wished for a cellar of great wines to see you through the pandemic because, well, having wines on hand to drink is certainly one benefit of collecting. But here’s another. “With interest rates near zero, a wine collection is an investment, a steady, safe haven for capital,” says Miles Davis, head of the professional portfolio management service for the U.K. platform Wine Owners. Here’s what you do.

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