Market got dragged down trend as news about tax modification was released

CENTRAL, Hong Kong - April 30, 2021 - PRLog -- Intraday movements are very sporadic until announcements were made around noon which changed the course of the day.

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:

• NASDAQ Composite Index stepped down to 13,818 after losing 0.94% or 131.81 points
• The Dow Jones Industrial Average closed at 33,816 and slipped 0.94% or 321.41 points
• S&P 500 Index lost 0.92% or 38.44 points and wrapped at 4,135
• U.S. 10 Year Treasury yield dropped by 1 basis point to 1.5540%
• Gold tripped $9.60 or 0.54% and now at $1,783.50 an ounce
• Crude slightly up by $0.28 or 0.46% at $61.63 per barrel

All three of the major indexes closed with negative scores after the switch in trajectory. The Dow dipped 321.41 points ending below 34,000. NASDAQ lost 131.81 points and closed under 14,000. S&P ended less than 4,200 after slashing 38.44 points.

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:

• Bitcoin (BTC) - $49,261.02
• Etherium (ETH) - $2,201.92
• Ripple (XPR) - $1.03
• Bitcoin Cash (BCH) - $765.67
• LiteCoin (LTC) - $225.87

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