Wall Street slides on report of Biden's plan to almost double capital gains tax

FILE PHOTO: A U.S flag is seen on the New York Stock Exchange in the Manhattan borough of New York City, New York, U.S., November 6, 2020. REUTERS/Carlo Allegri

(Reuters) – Wall Street’s main indexes hit session lows on Thursday, after a report said President Joe Biden will propose almost doubling the capital gains tax rate for wealthy individuals to 39.6%.

At 01:20 p.m. ET, the Dow Jones Industrial Average fell 268.71 points, or 0.79% , to 33,868.60, the S&P 500 lost 28.20 points, or 0.68%, to 4,145.22 and the Nasdaq Composite lost 85.96 points, or 0.62%, to 13,864.26.

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