U.S. stocks dived on Thursday on reports President Joe Biden planned to almost double the capital gains tax, but analysts said the news was an excuse to take profits in a listless market ahead of big tech’s earnings next week.
Asian shares rose on Friday after the European Central Bank left policy unchanged, extending a rebound following a sharp selloff earlier in the week, but gains were capped as investors considered the impact of a possible U.S. capital gains tax hike.
The Dow rallied Wednesday, as investors resumed bets on reopening stocks, shrugging off a fresh wave of Covid-19 cases that threatens to slow the global recovery.
The Dow slipped Tuesday, as rising global coronavirus cases triggered fresh jitters over global growth, prompting investors to hit pause on cyclical stocks.
Asian shares and U.S. stock futures fell on Wednesday as concern about a resurgence of coronavirus cases in some countries cast doubt on the strength of global growth and demand for crude oil.
The Dow fell Monday, paced by declines in consumer discretionary and technology as investors reined in their bullish bets on stocks ahead of a busy week, with big tech set to report earnings this week.