On Thursday, the U.S stocks shifted lower in a speedy manner after reports of proposing much higher capital gains taxes for the rich came in.
The Dow Jones Industrial Average fell 321.41 points, or 1%, to 33,815.90. At its low of the day, the blue-chip benchmark dropped 420 points. The S&P 500 obliterated earlier gains and settled 0.9% lower at 4,134.98, while the Nasdaq Composite slipped 0.9% to 13,818.41.
Growth stocks, which could come under selling influence on higher capital gains taxes, led the intraday decline on Thursday with shares of Tesla and Amazon falling 3.3% and 1.6% respectively. The iShares S&P 500 Growth ETF fell 1%.
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