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“The income tax created more criminals than any other single act of government.” – Barry Goldwater
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It’s a positive tone in the futures market this morning as the market builds on yesterday’s gains with some strong earnings reports from Bank of America (BAC), J&J (JNJ), and Lockheed Martin (LMT). It hasn’t all been sunshine and lollipops, though, as both Goldman Sachs (GS) and JB Hunt (JBHT) are down close to 4%. Coming up as we send this, we’ll get updates on Building Permits and Housing Starts at 8:30 Eastern.
Accountants across the country are breathing a sigh of relief this morning as they close the books on another tax season, although their relief is probably being drowned out by the collective swearing on the part of Americans who have taxes due. While today may be the worst day of the year for Americans who owe any taxes, it could get even worse for a lot of Americans this year as IRS plans to hire 87,000 new agents will inevitably lead to a lot more Americans being audited as well!
As bad as Tax Day may be for many Americans, seasonally it isn’t the worst time of year. In fact, over the last 25 years, the S&P 500 has been up in the week after the Federal Tax deadline 19 times for a median gain of 0.83%. That compares to a median gain of 0.31% with positive returns 57% of the time for all one-week periods over the last 25 years.
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