US stocks were flat for the week as optimism over the economy was balanced but concerns about global coronavirus infection rates and a possible capital gains tax increase. The S&P 500 ticked down 0.1% and the Dow fell 0.5% for the week. Abroad, the FTSE All World Ex US was off 0.3% for the week. The yield on the 10-year Treasury yield was unchanged over the week remaining at 1.57%.

India and Japan are seeing a significant new wave of coronavirus infections.

A preliminary proposal from the Biden administration outlined that the capital gains tax would be increased to 39.6% for those making more than $1M.

Initial weekly unemployment claims fell to a post pandemic low of 547,000.

The ECB left their benchmark interest rate and bond buying program unchanged after their April meeting and said they would likely remain supportive longer than the Fed.

IHS Markit’s US services index jumped in March signaling the fastest expansion in service sector activity since at least 2009.

New home sales rose 20% in March from February.

Of the companies that have reported earnings to date 81% have topped earnings estimates and 84% have topped revenue estimates.