Biden Tax Plan Knocks S&P Down From Record Highs

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Posted: Apr 26, 2021 12:08 PM
Biden Tax Plan Knocks S&P Down From Record Highs

Source: AP Photo/Andrew Harnik

In addition to rising prices, S&P 500 (Index: SPX) gained a new concern in the trading week ending on Friday, 23 April 2021 in the form of much higher capital gains tax rates.

Those prospects caused stock prices to fall sharply as the first details of the proposal were announced on Thursday, 22 April 2020. See if you can tell within 2-4 minutes of when the story broke and investors began absorbing that new information in a chart showing the index' trading value for the day:

If not for that news, the S&P 500 would almost certainly have closed the week at a new record high. As it was, the S&P 500 is trading within the lower end of the redzone forecast range on the alternative futures chart


That's expected given the assumptions behind the redzone forecast range, which has just another couple of weeks to run.

Here's our summary of the market moving headlines for the week that was:

Monday, 19 April 2021
Tuesday, 20 April 2021
Wednesday, 21 April 2021
Thursday, 22 April 2021
Friday, 23 April 2021

What were the positives and negatives in the past week's markets and economics news? Click through to find Barry Ritholtz' take, where the positives outweighed the negatives!