Stocks recover on Friday | Cryptocurrency wipeout | Cap gains tax less than expected?

Markets struggled with the blunted impact of blockbuster earnings and more indications of higher taxes to finish in the red for the week.

VIEW IN BROWSER | SUBSCRIBE FRI, APR 23, 2021 EVENING BRIEF AS OF FRI, APR 23, 2021 • 05:15 ET DJIA 34043.49 +0.67% +227.59 S&P 500 4180.17 +1.09% +45.19 NASDAQ 14016.81 +1.44% +198.40   Most Active DOW NAME LAST CHG %CHG AAPL 134.32 +2.38 +1.80% INTC 59.24 -3.33 -5.32% MSFT 261.15 +3.98 +1.55% S&P 500 NAME LAST CHG %CHG AAPL 134.32 +2.38 +1.80% INTC 59.24 -3.33 -5.32% F 12.22 +0.28 +2.35% NASDAQ NAME LAST CHG %CHG AAPL 134.32 +2.38 +1.80% INTC 59.24 -3.33 -5.32% AMD 82.76 +3.70 +4.68%   EDITOR'S NOTE Markets contended with the blunted impact of blockbuster earnings and more indications of higher taxes to finish in the red for the week. The S&P 500 bounced more than 1% on Friday, but wound up down 0.13% for the week.   Similarly, the Nasdaq Composite jumped 1.4% and the Dow Jones Industrial Average picked up about 227 points for the day. Nevertheless, both also ended the week with losses. Though earnings season continued with robust profits and record-breaking beats against Wall Street expectations, news that the Biden administration is coming after the nation's top earners put a scare into the market. Still, a sharp drop Thursday was met with a rally Friday as investors processed the news out of Washington. "I can't imagine an investor earning $100,000 a year would be concerned about this, because it's not going to affect them," said Randy Frederick, head of trading and derivatives at Charles Schwab. "While intuitively we would think that if you tax capital gains, there will be less investors out there, but honestly, what's the alternative to investing in the market?" Markets will have more profit reports to digest in the week ahead. Also, the Federal Reserve meets. The market is not expecting any changes in policy. Instead, it's waiting to see how the central bank characterizes the robust economic growth as the year has progressed. Jeff Cox | Finance Editor @JeffCoxCNBCcom TOP NEWS  S&P 500 rebounds more than 1%, ends the volatile week flat Final capital gains tax increase likely will be much less than Wall Street fears, Goldman says Over $200 billion wiped off cryptocurrency market in a day as bitcoin plunges below $50,000 Single dose of Pfizer-BioNTech or Oxford-AstraZenca vaccine reduces infection rate by 65%, study finds SpaceX Crew-2 reaches orbit, with Elon Musk's company launching 10 astronauts in under a year Potential higher taxes make JPMorgan less bullish. Here's what it's telling clients to do Biden to visit UK, Belgium for G-7 and NATO meetings in first overseas trip as president Inflation is showing up in earnings reports. For these stocks, it could be good news U.S. Covid vaccinations slow as more states pass half of residents jabbed Axis of REvil: Inside the hacker collective taunting Apple   TOP VIDEO Cramer on inflation: Powell is betting on companies increasing supply   CNBC PRO Morgan Stanley names its 'high conviction' global stocks ahead of earnings   SPECIAL REPORTS Two traders pick their FAANG favorites ahead of earnings next week How Biden's capital gains tax proposal may impact investors   Unsubscribe Manage Newsletters Terms of Service Join the CNBC Panel Digital Products Feedback Privacy Policy   © 2021 CNBC LLC. All rights reserved. A property of NBCUniversal. 900 Sylvan Avenue, Englewood Cliffs, NJ 07632 Data is a real-time snapshot *Data is delayed at least 15 minutes. Global Business and Financial News, Stock Quotes and Market Data and Analysis. Data also provided by THOMSON REUTERS