S&P 500 gives up gain on Biden capital gains tax report

S&P 500 gives up gain and declines in sudden move on Biden capital gains tax report

Quote:

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U.S stocks fell to session lows in a swift fashion on Thursday after a report that President Joe Biden is slated to propose capital gains taxes for the rich.

The S&P 500erased earlier gains and fell 0.5%. The Dow Jones Industrial Average dipped 230 points to its low of the day, while the Nasdaq Composite traded 0.3% lower.

Bloomberg News reported Thursday afternoon that Biden is planning a capital gains tax hike to as high as 43.4%.

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https://www.cnbc.com/2021/04/21/stoc...lose-news.html

Not exactly a shock. The market just chose to ignore this for as long as it could.

Bless his little black heart

Amazing that talk of this would even move markets since everyone knows it's been coming. Been one hell of a first 100 days. The steam roller has just started.