US equity markets rebounded after a turbulent session last Thursday (22 April) following reports that President Joe Biden is slated to propose much higher capital gains taxes for wealthy Americans – Dow gained +228-points or +0.67% . Investment banks Goldman Sachs Group Inc (up +2.57%) and JPMorgan Chase & Co (+1.91%) were both notable performers. The broader S&P500 1.09% to 4,180.17, trading above its 16 April record closing high of 4,185.47 during Friday’s (23 April) afternoon session and setting a fresh intra-day peak of 4,194.17. Financials (up +1.85%) and Materials (+1.68%) both rose over >1.5% to lead nine of the eleven primary sectors higher. Utilities (down -0.17%) and Consumer Staples (-0.16%) were the only sectors to close in the red. The technology-centric Nasdaq gained +1.44%. The small capitalisation Russell 2000 index rose +1.76%. President Biden will address a joint session of Congress on Wednesday night AEST (28 April) and is expected to detail his “American Families Plan” and the tax increases to pay for it.
