WASHINGTON (dpa-AFX) - Oil prices rallied on Thursday amid expectations that OPEC+ will agree to extend production curbs at a meeting later in the day.Brent crude for June delivery climbed a little
Biden s infrastructure proposal includes a doubling of federal funding for public transportation, $650 billion for clean water and high-speed broadband, more than $500 billion in spending on manufacturing, and $400 billion for improved care for the elderly and people with disabilities.
To pay the bill, Biden s plan would increase the corporate tax rate to 28% from 21% and set a 21% minimum tax on global corporate earnings.
Biden’s plan drew criticism from Republicans who complained the increase in taxes will undo corporate gains during the Trump administration, while some progressive Democrats said the package didn t go far enough. The larger impact to markets will be whether or not the corporate tax rate is raised to 28% - or somewhere in between there and the current 21% level - and whether or not a global minimum tax on corporations can be established, said Chris Zaccarelli, chief investment officer for Independent Advisor Alliance.
OPEC+ to debate oil cuts rollover, increase of production
The Organization of the Petroleum Exporting Countries (OPEC) and allied producers, a grouping known as OPEC+, are cutting output by a little more than 7 million barrels per day (bpd) to support prices and reduce oversupply
Reuters | April 1, 2021 | Updated 22:04 IST
Two OPEC+ sources said the increase would not exceed 0.5 million bpd
OPEC+ will debate two key options for oil policies from May and beyond, including a rollover of existing cuts and a gradual increase of production, three OPEC+ sources said.
The Organization of the Petroleum Exporting Countries (OPEC) and allied producers, a grouping known as OPEC+, are cutting output by a little more than 7 million barrels per day (bpd) to support prices and reduce oversupply. Saudi Arabia has added an additional 1 million bpd to those cuts.
By Joe Wallace U.S. stocks resumed a familiar pattern Thursday, with tech shares rising sharply and outpacing the rest of the market. The Nasdaq Composite rose 1.7%, following a 1.5% gain on Wednesday. The S&P 500 was up 0.8%, after the broad stocks gauge closed out a fourth consecutive quarterly advance on Wednesday, while the Dow Jones Industrial Average was up 0.2%. Many investors are hopeful that stocks will continue to climb in the second quarter. Their optimism is pegged to the prospect of a surge in economic growth amid widespread vaccinations and fresh spending programs from the Biden administration. Still, they point to risks stemming from rising bond yields, new lockdowns in Europe and signs of excess in corners of the market.