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.
The S&P 500 closed just below a record high Monday, but struggled for direction as investors awaited guidance from the start of quarterly earnings season this week.
The S&P 500 closed at all-time highs for the second straight day Thursday, as big tech continued to ride the fall in bond yields after Federal Reserve Jerome Powell indicated that “unevenness” in the recovery will keep easy monetary policy on the Fed’s menu for some time.
The S&P 500 closed at record high Wednesday on tech strength but gains were kept in check by an uptick in U.S. bond yields after the Federal Reserve’s March meeting minutes continued to signal that easy monetary policy is here to stay.
The S&P 500 continued to trade near record highs Tuesday, led by energy and consumer stocks, but some on Wall Street are calling for caution as the latest acceleration pushed stocks into “overbought” territory.
The S&P 500 closed just shy of a record high Wednesday, as technology stocks were back in vogue among traders as a volatile quarter drew to a close.