U.S. stocks climbed yesterday as the technology sector and shares benefiting the most from the economic reopening led the advance.
The average interest rate on a 30-year fixed-rate mortgage — the nation’s most popular home loan — returned to an even 3% last week, according to mortgage giant Freddie Mac. The 30-year rate jumped from a week earlier, when it averaged 2.94%. A year ago at this time, the average was 3.24%. Mortgage rates had been hovering below 3% for weeks. They climbed last week due to signs of rising inflation, and to the release of notes from the last Federal Reserve meeting. The notes suggested the Fed may soon start unwinding policies that have helped keep interest rates low.
The Treasury Department detailed plans to have any cryptocurrency transfers of at least $10,000 to be reported to the Internal Revenue Service. As with cash transactions, businesses that receive cryptoassets with a fair-market value of more than $10,000 would also be reported on. The report is part of the Biden administration's plans to beef up the IRS in hopes of collecting more tax revenue that otherwise goes unreported. The IRS first began asking individuals if they bought or sold virtual currencies in 2020, and now requires individuals to report capital gains realized from any cryptocurrency transactions.