Everything was going fine for the stock market on Thursday—and then an anonymously sourced report hit that detailed how President Joe Biden planned to raise taxes on the wealthy, causing the major indexes to sink into the red.

The Dow Jones Industrial Average dropped 321.41 points, or 0.9%, while the S&P 500 fell 0.9%, and the Nasdaq Composite declined 0.9%. The small-cap Russell 2000 had finished the day down 0.3%.

The…

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