U.S. stocks opened higher on Friday as investors awaited the release of a Republican tax bill that would slash corporate taxes.
The Dow Jones Industrials hiked 106.39 points to begin the week’s last session at 24,615.66
The S&P 500 recouped 13.79 points to 2,665.80, with telecommunications and staples as the best-performing sectors.
The NASDAQ composite index restored 31.3 points to 6,887.82
In corporate news, shares of Hess jumped 3.4% after reports that Elliott Management is pushing for CEO John Hess to step down or for the company to sell all or part of its business.
Meanwhile, Costco shares rose 4% after the company reported better-than-expected quarterly earnings and sales.
Equities were on track to post slight weekly gains. The Dow was up 0.7%, and NASDAQ acquired 0.2%, entering Friday's session. The S&P 500 was just a shade higher for the week.
The plan will likely cut the corporate tax rate to 21% from 35%. Expectations of lower corporate taxes have helped boost stocks to record levels this year. Entering Friday's session, the S&P 500 had risen 18.5%.
The bill is expected to be released later on Friday.
Prices for the benchmark 10-year Treasury note lost ground, raising yields to 2.37% from Thursday’s 2.35%. Treasury prices and yields move in opposite directions.
Oil prices gained 20 cents a barrel to $57.24 U.S.
Gold prices moved up 90 cents to $1,258.00 U.S. an ounce.
