April 19 - 23, 2021 Recap
Stocks Decline First Week in Five
Equities rebounded in a big way on Friday, but gains fell short of overcoming larger losses earlier in the week as investors’ concerns over rising coronavirus case counts overshadowed mostly stellar earnings data. Stocks tumbled sharply on Thursday on reports President Biden is laying plans to nearly double the capital gains tax to 43.4% for those making at least $1 million per year. Economic data on Friday restored optimism, with service-sector activity index data from IHS Markit rising to 63.1 in April, its fastest pace of expansion since data collection began in 2009.
Large Caps Take Breather
For the week, the S&P 500 slipped 0.11%, the Dow Industrials fell 0.46% and the Nasdaq Composite declined 0.25%. Mid-sized companies outperformed, with the Russell Mid Cap Index gaining 0.69%, while the small cap-focused Russell 2000 gained 0.41%.
The Weekly Recap is published by Cetera Investment Management LLC, an SEC registered adviser owned by Cetera Financial Group. Cetera Investment Management provides market perspectives, portfolio guidance, model management, and other investment advice to its affiliated broker-dealers, dually registered broker-dealers and registered investment advisers.
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