Stocks ended lower on Wall Street Thursday after dropping in afternoon trading on a report that President Biden will propose a hefty tax increase on the gains wealthy individuals reap from investments.
The S&P 500 lost 0.9%. Big Tech companies like Apple and Microsoft accounted for a good part of the losses. Investors are also focused on company earnings reports, the state of the virus outbreak, the pace of vaccinations and the prospects for the economic recovery to continue.
The S&P 500 fell 38.44 points, or 0.9%, to 4,134.98.
The Dow Jones Industrial Average fell 321.41 points, or 0.9%, to 33,815.90.
The Nasdaq fell 131.81 points, or 0.9%, to 13,818.41.
The Russell 2000 index of smaller companies fell 7.01 points, or 0.3% to 2,232.61.
For the week
The S&P 500 is down 50.49 points, or 1.2%.
The Dow is down 384.77 points, or 1.1%.
The Nasdaq is down 233.93 points, or 1.7%.
The Russell 2000 is down 30.06 points, or 1.3%.
For the year:
The S&P 500 is up 378.91 points, or 10.1%.
The Dow is up 3,209.42 points, or 10.5%.
The Nasdaq is up 930.13 points, or 7.2%.
The Russell 2000 is up 257.76 points, or 13.1%.