Dow closes more than 300 points lower following reports of Biden eyeing capital gains tax hike
The Dow Jones Industrial Average dropped 321.41 points, or 1%, to 33,815.90. At its low of the day, the blue-chip benchmark fell 420 points. The S&P 500 erased earlier gains and closed 0.9% lower at 4,134.98, while the Nasdaq Composite slid 0.9% to 13,818.41. First-quarter earnings released Wednesday topped Wall Street's estimates. Next quarter, Chipotle will face off against last year's weakest quarter. That means same-store sales growth is expected to surge as much as 30%.
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