U.S. stocks gained momentum in afternoon trading to close higher as investors took in President Biden's proposed budget plan and ahead of a big week for economic data, including the monthly jobs report.
|I:DJI||DOW JONES AVERAGES||33129.55||+127.17||+0.39%|
|I:COMP||NASDAQ COMPOSITE INDEX||13236.009596||+176.54||+1.35%|
The Dow Jones Industrial Average rose 94 points or 0.3%, while the S&P 500 and Nasdaq Composite gained 0.7% and 1.3%, respectively.
President Biden on Monday unveiled a new minimum tax targeting billionaires as part of his 2023 budget request, proposing a 20% rate that would hit both the income and unrealized capital gains of the wealthiest Americans.
Tesla shares rose 8% after the company announced it will ask shareholders for additional stock to enact a split and a possible dividend.
Apple and Netflix are in focus after the Academy Awards ceremony. Apple's "CODA" marked the first Oscar win for a streaming company, while Netflix's "Power of the Dog" took home best director honors.
Separately, Apple may be cutting iPhone and Airpod production, according to a Japanese newspaper.
AMC shares rose after CEO Adam Aron suggested he is ready to do more deals after buying Hycroft Mining. Other meme names jumped, including GameStop and Bed Bath & Beyond.
|BBBY||BED BATH & BEYOND INC.||0.0789||-0.03||-28.27%|
Beyond Meat shares were under pressure after the team at Piper Jaffray cut the stock to underweight, citing more competition in the plant-based meat world.
|BYND||BEYOND MEAT INC.||8.48||-0.22||-2.53%|
Meanwhile, Russia's invasion of Ukraine is adding to worries over instability, energy prices and economic slowdowns in various nations. Over the weekend, Ukrainian President Volodymyr Zelenskyy accused the West of cowardice, pleading for fighter jets and tanks to help defend his country from Russia’s invading troops.
Crude prices fell about 7% with U.S. oil settling at $105.96 per barrel, while Brent, the global benchmark, slid to $112.48. Oil majors fell in sympathy, with ExxonMobil, Chevron and Halliburton all down.
|USO||UNITED STATES OIL FUND L.P.||75.60||-4.32||-5.41%|
|BNO||UNITED STS BRENT OIL FD LP UNIT||29.99||-1.73||-5.45%|
|XOM||EXXON MOBIL CORP.||111.47||-4.30||-3.71%|
Gas prices remained below the $4.30-per-gallon level.
In cryptocurrencies, Bitcoin inched closer to the $50,000 level and is now positive for the 2022 year with a gain of about 2%.