US stocks close lower after reported Biden's tax plan

US stock indices closed lower on Thursday, despite the release of strong economic data, following news that the White House proposed additional taxes on the mega-rich.

Bloomberg reported that US President Joe Biden administration is considering increasing taxes on the mega-rich to up to 43.4%, and the tax plan aims to increase taxes on those whose annual income is over $1 million to 39.6% from 20%.

The US Department of Labor revealed that the number of initial unemployment claims fell to 547K last week, the lowest reading since March 2020, better than forecasts of 607K.

To the oil market, To the oil market, WTI crude May futures rose 0.1% or 8 cents, and crude closed at $61.43 a barrel, after hitting a high of $61.8 and a low of $60.6.

Brent June futures rose 0.1% or 8 cents, and closed at $65.40 a barrel, after hitting a high of $65.8 and a low of $64.5.

As for stocks, Dow Jones fell 0.9% or 321 points, and closed at 33,815, with a day high of 34,126, and a low of 33,717.

Nasdaq fell 0.9% or 131 points to 13,818, with a high of 14,015 and a low of 13,771 points.

S&P 500 fell 0.9% or 38 points to 4,134, after hitting a high of 4,179 and a low of 4,123.