The stock market rebounded Friday after what was a volatile week for the market. Why all the volatility? It came from multiple news reports Thursday afternoon that President Joe Biden is slated to propose much higher capital gains taxes for the rich. That news sent stocks plummeting, with the DOW falling as much as 460 points before finally closing down 321 points on the day.
However, on Friday the DOW gained 227.59 points or +0.7%, to 34,043.49. The S&P 500 rose +1.1% to 4,180.17, while the NASDAQ climbed +1.4% to 14,016.81.
On a weekly level, the S&P 500 closed the volatile week with just a -0.1% loss, while the DOW and the NASDAQ fell -0.5% and -0.3% for the week, respectively.
The other big story for the week is Bitcoin's sudden sell-off; now, whether that was due to the news of the proposed capital tax increase or just profit-taking is up for debate, the cryptocurrency fell over -13% this week, hitting a new 3 week low of 47,555.00. However, the Trade Triangles got out of the trade issuing a new red weekly Trade Triangle at 54,677.51 early in the week, signaling a move to the sidelines.
Key Levels To Watch Next Week:
- S&P 500 (CME:SP500): 4,034.440
- Dow (INDEX:DJI): 33,222.381
- NASDAQ (NASDAQ:COMP): 13,582.76
- U.S. Dollar (ICE:DX): 93.11
- Gold (NYMEX:GC.M21): 1,798.10
- Crude Oil (NYMEX:CL.K21): 61.50
- Bitcoin (BITCOIN:BITSTAMPUSD): 64,895.22