Stocks Drop on Biden Plan to Lift Capital-Gain Tax: Markets Wrap

Stocks Drop on Biden Plan to Lift Capital-Gain Tax: Markets Wrap

Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Kamaron Leach and Vildana HajricApril 22, 2021, 9:12 AM·3 min readStocks Waver Amid Mixed Economic Data, Virus Woes: Markets WrapOops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.Oops!Something went wrong.Please try again later.(Bloomberg) -- Stocks fluctuated as mixed economic data highlighted the uneven rebound in activity amid mounting concern over a flare-up in coronavirus cases. The dollar and Treasury yields climbed.Data showed sales of previously owned U.S. homes slid in March to a seven-month low, while jobless claims posted an unexpected decline last week. Investors also sifted through a batch of corporate earnings. Most major groups in the S&P 500 fell, with commodity and financial shares pacing losses. AT&T Inc. rallied after beating profit estimates amid gains in wireless customers and growth in subscribers to its streaming service.While pandemic restrictions have eased with the vaccination rollout, there's concern over a coronavirus resurgence that could derail the economic rebound. Strategists at Credit Suisse Group AG see red flags in cyclical stocks -- warning that the trade may be getting overextended after the largest outperformance on record.“Investors should start thinking about taking some risk off