Stock Market Today: Stocks Swing Higher on Strong Economic Data

An upbeat report on new home sales helped fuel an impressive rebound for stocks today.

Stock indexes
(Image credit: Getty Images)

The sting of President Joe Biden's proposal to roughly double the capital gains tax for wealthy Americans eased today, with markets finishing a choppy week on a high note.

"I'm shocked the market was surprised that higher capital gains taxes are coming," says LPL Financial chief market strategist Ryan Detrick. "We knew this was going to happen the second President Biden won in November. Calmer heads prevailed today with the broad rally at least."

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Karee Venema
Senior Investing Editor,

With over a decade of experience writing about the stock market, Karee Venema is the senior investing editor at She joined the publication in April 2021 after 10 years of working as an investing writer and columnist at Schaeffer's Investment Research. In her previous role, Karee focused primarily on options trading, as well as technical, fundamental and sentiment analysis.