6/3, 5:26 PM (Source: TeleTrader)
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Dow erases losses after Biden reportedly revises tax proposal

The Dow Jones Industrial Average index recovered from earlier losses on Thursday following reports of United States President Joe Biden altering his corporate tax proposal. During bipartisan negotiations, he proposed establishing a corporate tax minimum of 15% to replace his earlier plan to raise the corporate tax rate by seven percentage points to 28%. In addition, market sentiment was seemingly lifted by upbeat jobs and service sector activity reports.

The Dow Jones was 0.12% up, while the Nasdaq 100 and the S&P 500 lost 0.79% and 0.19%, respectively, at 11:25 am ET.

The euro was 0.69% lower in contrast to the dollar to go for 1.21270 at 11:30 am ET.

Breaking the News / MS