The Dow closed 321 points lower today, while the S&P 500 and Nasdaq followed closely behind to also finish the day deep in the red. The major indexes were largely struggling for direction earlier, despite upbeat corporate earnings and better-than-expected employment data, which showed initial jobless claims for last week totaling 547,000 — much better than the estimated 603,000 and a new pandemic low. However, shares swiftly dropped later in the day after news that U.S. President Joe Biden is to propose higher capital gains taxes for Americans earning $1 million or more. Also in Washington, the Republican party entered their counter offer to Biden’s $2 trillion infrastructure plan.
Continue reading for more on today’s market, including:
The Dow Jones Industrial Average (DJI – 33,815.90) rose 321.4 points, or 0.9% for the day. Salesforce.com (CRM) topped the list of blue chips with a modest 0.3% gain, while Dow (DOW) dropped to the bottom after shedding 6%.
Meanwhile, the S&P 500 Index (SPX – 4,134.98) lost 38.4 points, while the Nasdaq Composite (IXIC – 13,818.41) fell 131.8 points. Both indexes lost 0.9% for the day.
Lastly, the Cboe Volatility Index (VIX – 18.71) gained 1.2 points, or 6.9%.
GoldOil futures pared their earlier losses to finish with a slight gain, as oil demand in the U.S. and China add some positive sentiment. June-dated crude rose 8 cents, or 0.1%, to settle at $61.43 a barrel.
Following yesterday’s nearly two-month high, gold futures closed lower, snapping a three-session win streak as Covid-19 cases continue to rise globally. June-dated gold fell $11.10, or 0.6%, to settle at $1,782 an ounce.
The views and opinions expressed herein are the views and opinions of the author and do not necessarily reflect those of Nasdaq, Inc.