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Morning Business Report
March 31, 2021
Analysts say Wall Street may not be ready for the proposals expected to be unveiled in President Biden’s economic plan today.
Dan Clifton, head of policy research at Strategas said he does not think all of the proposals will go through, but there will be higher taxes for the wealthiest taxpayers, and businesses will pay more on the U.S. and foreign earnings.
Meanwhile, the deadline to apply for a PPP loan has been extended from March 31 to May 31.
U.S. home prices are rising at the fastest pace in 15 years, reflecting how fiercely buyers are competing for a limited supply of homes in nearly every corner of the country.
Record low-interest rates and millennial buying have helped boost sales.
The Dow slipped more than 100 points from a record high, Apple and Microsoft lead losses.
Interest rates were creeping higher, sending stocks down.
Pfizer will begin testing a Covid-19 vaccine that doesn’t need ultracold storage.
A freeze-dried version would make handling the shots easier in rural areas and low-income countries.
If successful, the new formulation could be ready for use by early next year.
Wells Fargo plans to bring employees back to the office in September.
The Wall Street Journal reports the bank is citing the increasing availability of vaccines.
The memo didn’t say whether employees would return full-time or part-time and said many of the details have yet to be worked out.