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Market Get Mixed Messages From Biden Stimulus Plan

EQUITIES
  • Headline equity indices traded well Thursday, with the unveiling of Biden's $6 trillion budget helping bolster sentiment from the off. Cash markets traded in minor positive territory, with the S&P 500 rising over 0.3% into the close, while the NASDAQ comp lagged very slightly.
  • Markets saw mixed messages in Biden's economic plan, with equities welcoming the broad-based fiscal stimulus before slipping on reported back-dated tax requirements. The capital gains tax is seen being notched higher, although Congressional approval will be required before proceeding with the change.
  • Industrials and materials were best performing sectors state-side, with financials not far behind. Utilities and energy were the relative underperformers, although losses were muted.
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