Wall Street saw a volatile trading week, marred by reports of Joe Biden eyeing a capital gains tax as high as 43%. NASDAQ, S&P 500, and the Dow Jones ended the week flat with a negative bias and this year, the tech-heavy NASDAQ has surged 10%, while S&P 500 and the Dow Jones are up nearly 12% each. Earnings projections for firms such as Tesla, Apple, Amazon, among others are strong and investors are expected to be geared up for the same proposal. After reports of possible capital gains tax surfaced on Thursday, NASDAQ, Dow Jones, and the S&P 500 gave up intraday gains to tank 1% and ended in the red. The proposed tax would hit people earning over $1 million a year. Any change in the monetary policy and the central bank’s stance is not expected.
Source: Financial Express