Dow closes more than 300 points lower following reports of Biden eyeing capital gains tax hike; European markets close higher as ECB keeps policy unchanged 
U.S stocks reversed lower in a swift fashion on Thursday after reports that President Joe Biden is slated to propose much higher capital gains taxes for the rich. 
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. 
Shares of Southwest Airlines rolled over and fell 1.6% despite the carrier saying leisure travel bookings continue to rise and that it expects to break even “or better” by June. Southwest also posted a narrower-than-expected loss for the first quarter. 
Dow Inc. slumped 6% even after the chemicals company topped earnings and revenue estimates for the first quarter. The stock is still up almost 10% for 2021. 
Investors also digested a better-than-expected reading on weekly jobless claims. The Labor Department said Thursday that first-time claims for unemployment insurance totaled 547,000, which was below the Dow Jones estimate for 603,000. 
The pan-European Stoxx 600 ended the session up by 0.7%, with the utilities sector jumping 2.2% to lead gains while insurance shares dropped 0.3%. 

The European Central Bank kept its monetary policy unchanged on Thursday as traders looked for clues on when its massive monetary stimulus might start to be wound down. 
Renault posted a 1.1% fall in first-quarter revenue as it navigates a turnaround effort and the global semiconductor shortage. Shares slid 1.3% lower. 
Nestle reported its strongest quarterly sales growth in a decade, with organic sales rising 7.7% in the first quarter. The Swiss food group’s shares climbed 2.9%. 
Source: CNBC