Stock market news live updates: Stocks jump, S&P 500 and Dow hit record highs after retail sales, jobless claims top estimates

Stocks jumped Thursday to reach record levels as traders eyed a much stronger than expected print on consumer spending and a sharp improvement in the number of new jobless claims. The Dow gained more than 200 points, or about 0.7%, to reach a record intraday high and break above the 34,000 level. The S&P 500 and Nasdaq also rose to reverse declines from a day earlier, with tech stocks leading the Nasdaq higher by more than 1%. Shares of Coinbase (COIN), the largest cryptocurrency exchange in the U.S., jumped after closing below its opening trade price in a volatile first day on the public markets. More…

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Dow Briefly Tops 34,000 As Bulls Feast On Earnings, Retail Sales

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Oil Futures Up 4 Sessions In A Row

Oil futures climbed Thursday to tally a fourth session gain in a row. A higher forecast for global oil demand from the International Energy Agency and recent data from the Energy Information Administration showing a third straight weekly decline in U.S. crude inventories continued to provide support for prices. Traders also eyed the latest talks on the Iran nuclear deal. May West Texas Intermediate crude rose 31 cents, or 0.5%, to settle at $63.46 a barrel on the New York Mercantile Exchange… Article continues…

Why Coinbases Upside Could Be Immense, With A Price Target Of $500

One of most anticipated IPOs of 2021 took place Wednesday with Coinbase Global (NASDAQ: COIN) hitting the public markets. Latest Ratings for COIN DateFirmActionFromTo Apr 2021DA DavidsonMaintainsBuy Apr 2021BTIGInitiates Coverage OnBuy View More Analyst Ratings for COIN View the Latest Analyst Ratings read… Click to continue reading this article…

Golden age of rich America’s tax evasion may be drawing to close

Were the US Internal Revenue Service to collect all that it is owed under current law, the $1tn yearly shortfall would pay for Joe Biden’s infrastructure bill four times over. Most of this evasion is carried out by the top 1 per cent of US taxpayers – the group that complains most about headline rates. The $1tn annual evasion, which Chuck Rettig, head of the IRS, estimated in testimony to the US Senate this week, does not include the breaks and shelters that make the US tax code so notoriously leaky. More here…

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