Dow Inc's current-quarter revenue forecast was more than $1 billion above expectations after the company crushed first-quarter estimates on surging prices for its chemicals from tighter supply following a winter freeze in Texas. Prices jumped 14% in the first quarter from the fourth, helped by gains in consumer packaging and polyurethanes, or flexible foam, used in furniture and bedding, as the supply squeeze came amid demand recovery in some of Dow's end-markets. "Despite supply constraints, we saw demand growth as the economic recovery continued to broaden, most notably in packaging, construction, mobility, electronics and consumer durables end-markets," Chief Executive Officer Jim Fitterling said.
President Joe Biden will propose nearly doubling the capital gains tax rate for wealthy Americans to 39.6%, Bloomberg News reported Thursday. Combined with an existing surtax on investment income, Bloomberg said, that means federal tax rates for investors could be as high as 43.4%. Bloomberg cited people familiar with the proposal. The president is expected to release the proposal next week as part of the tax increases to fund social spending in the forthcoming "American Families Plan," Bloomberg said. U.S. stocks turned lower on the news.
For such a long time, I would scan my portfolio for something to get rid of -- this is something I do regularly in good times and in bad. I never like to hang on to stocks that don't perform for very long.
It seems that all year I’ve been warning about valuations being out of whack with reality, especially in small-cap tech, which includes most SPACs. SPACs are being slammed as former “diamond hands” turn into weak-handed sellers who are (rightly, in most cases) trying to stop losses that are piling up in their portfolios. Speaking of SPACs, the markets are still suffering from SPAChaustion and a Coinbase Overhype Top, as I’ve also been saying for a few weeks now.
The numbers: Existing-home sales declined for the second straight month, reflecting the challenges buyers continue to face in the competitive real-estate market. Existing home-sales fell 3.7% to a seasonally-adjusted, annual rate of 6.01 million in March, the National Association of Realtors reported. “The sales for March would have been measurably higher, had there been more inventory,” Lawrence Yun, chief economist for the National Association of Realtors, said in the report.
When you’re planning (and managing) your retirement finances, arguably your most important goal should be to avoid running out of money. If you can meet your needs taking out 3%, you’re in very little danger of running out of money.