Stocks climbed after strong economic data added to evidence the recovery is gaining momentum, with traders also assessing a batch of corporate earnings. The dollar retreated.
Most major groups in the S&P 500 advanced, led by financial and tech shares. A gauge of smaller companies outperformed major benchmarks, while Tesla Inc. and Apple Inc. paced gains in megacap stocks. Blue chips Honeywell International Inc., American Express Co. and Intel Corp. weighed on the Dow Jones Industrial Average after their quarterly results.
Equities whipsawed this week amid a flare-up in global coronavirus cases and news that the White House plans to propose almost doubling the capital-gain tax rate for the wealthy. Investors also waded through corporate outlooks and economic readings, with data showing U.S. new-home sales rebounded in March to the highest since 2006. Meanwhile, output at manufacturers and service providers reached a record high in April, adding to evidence of stronger demand.
Stocks climbed after strong economic data added to evidence the recovery is gaining momentum, with traders also assessing a batch of corporate earnings. The dollar retreated.
Most major groups in the S&P 500 advanced, led by financial and tech shares. A gauge of smaller companies outperformed major benchmarks, while Tesla Inc. and Apple Inc. paced gains in megacap stocks. Blue chips Honeywell International Inc., American Express Co. and Intel Corp. weighed on the Dow Jones Industrial Average after their quarterly results.
Equities whipsawed this week amid a flare-up in global coronavirus cases and news that the White House plans to propose almost doubling the capital-gain tax rate for the wealthy. Investors also waded through corporate outlooks and economic readings, with data showing U.S. new-home sales rebounded in March to the highest since 2006. Meanwhile, output at manufacturers and service providers reached a record high in April, adding to evidence of stronger demand.
Gold Heads for Third Weekly Gain as Investors Weigh Demand, Jobs
Bloomberg 3 hrs ago Ranjeetha Pakiam
(Bloomberg) Gold headed for a third straight weekly gain as investors assessed signs of a recovery in physical demand with optimism over the U.S. labor market.
Gold shipments from Switzerland to India and China rose last month, indicating renewed buying by the top consumers after a year on the sidelines. Meanwhile, applications for U.S. state unemployment insurance unexpectedly plunged to a fresh pandemic low, signaling that the job market is strengthening, which weighed on demand for haven assets.
Traders were also mulling a proposal for higher taxes on the wealthy to help pay for President Joe Biden’s social plan. U.S. stocks had their biggest slide in five weeks on Thursday as Bloomberg News reported the Biden administration is considering almost doubling the capital gains tax rate to 39.6% for those earning $1 million or more a year.
by Tyler Durden
Friday, Apr 23, 2021 - 08:03 AM
US equity futures rebounded Friday following Thursday s 1% selloff as investors digested a proposal for higher capital gains taxes and realized that i) it is nothing new compared to previous media reports and ii) the most likely outcome is a compromise tax rate (Goldman expects a final number no higher than 28%). Still, both the S&P 500 and Dow are on course for weekly declines, after four straight weeks of gains. At 730 a.m. ET, Dow e-minis were up 38 points, or 0.11%, S&P 500 e-minis were up 9 points, or 0.22%, and Nasdaq 100 e-minis were up 18.5 points, or 0.14%.
Publishing date: Apr 23, 2021 • 1 hour ago • 3 minute read •
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(Bloomberg) Industrial metals from copper to iron ore gained momentum this week, flirting with decade-high prices as signs of Chinese and U.S. demand strength blunted concerns over worsening virus outbreaks elsewhere.
Copper, a key electrification metal and economic bellwether, broke out of its recent range to trade near the highest since the last supercycle, underpinned by spending on green infrastructure and a weaker dollar. Iron ore, the main steelmaking ingredient, advanced for a fourth weekly gain after posting the highest close since Singapore futures began trading in 2013.
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