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S&P 500 Strikes New Record Ahead of Biden's Economic Plan

  • Markets shrugged off the prospect of higher corporation taxes Wednesday, with the S&P 500 hitting a new record high - fuelled by solid gains in the tech and consumer discretionary sectors. Communication services and healthcare also traded well, while energy and financials lagged.
  • Stronger tech names resulted in outperformance for the NASDAQ, while the Dow Jones Industrial Average sat just above unchanged. Persistent equity strength weighed on the VIX, which holds close to the late March lows (thereby closing the pandemic-inspired gap higher in late Feb'20).
  • In Europe, stocks were softer, with UK's FTSE-100 leading losses after a 0.9% drop. German stocks fared slightly better, closing unchanged on the day.

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