The Stock Market Got Spooked by What It Already Knew. Here’s Next Week’s Surprise.

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When everything is going swimmingly, even a little bad news can go a long way. This past week the stock market got swung about by information everyone knew was coming.

President Joe Biden made no secret of his plan to raise capital-gains taxes on the very wealthy. It was a campaign pledge, one that got enough attention for Goldman Sachs to release a note looking at the historical impact of previous increases on the stock market. (The answer: not very much.) Since then the possibility has been discussed, debated, and written…