Market got dragged down trend as news about tax modification was released
Erratic market end on Thursday with all benchmark equities in the red. The gains of NASDAQ and S&P were curved and the Dow, which was only slightly losing, was dragged to the pit fall.
The market opened slightly lower than yesterday and the Dow was just slightly hovering below the line, on the first half of the session. The market seemed to not have any specific direction as investors are still digesting the latest economic news, as well as the reports about decline in new jobless claims this week. Meanwhile, NASDAQ and S&P were gaining that time, then a media report was released about President Biden's plan to increase tax on the wealthy.
This was when the major indexes started the dive, halting the possibility of a winning streak, even as far as losing gains from the previous session. The news indicates that wealthy people's capital are going to be subjected to a tax rate of 39.6% versus the current capital tax of 20%. This is going to be applied to people earning a minimum of $1 million.
Here's a summary of what has happen to the US Stock Market this Thursday:
Trading session under Cryptocurrencies are currently on the low side with the citizens and investors worry about tax increase that was hinted by the media. We got the 5 main cryptocurrencies here, let's take a look at their current movements:
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