U.S. stock indexes opened higher on Friday after the Senate passed a budget blueprint for the next fiscal year, a move that is seen as paving the way for the tax reform many investors believe is vital to keeping equities climbing. The Dow Jones Industrial Average rose 0.3% at 23,226, hitting a record high at 23,244.65, the S&P 500 index climbed 0.3% at 2,569, carving out its own intraday record at 2,569.81, while the Nasdaq Composite Index rose 0.4% at 6,634, just short of its record intraday at 6,635.52. For the week, the Dow is looking at a 1.3% increase, the S&P 500 was aiming for a 0.4% gain, while the Nasdaq is looking to gain about 0.4%. The dollar, as measured by the ICE U.S Dollar Index , advanced 0.2% on increased hope of Wall Street-friendly tax reforms. Meanwhile, yields for U.S. Treasurys added to declines on reports that President Donald Trump is leaning toward Fed. Gov. Jerome Powell, a candidate that favors a slower pace of rate increases, bad for bond prices, which move inversely to yields. The 10-year Treasury note was at 2.38%. In corporate news, shares of General Electric Co. slumped after the industrial conglomerate reported earnings that widely missed forecasts and it cut its outlook.
Market Pulse Stories are Rapid-fire, short news bursts on stocks and markets as they move. Visit MarketWatch.com for more information on this news.
From:: Stock Market News
