Stocks opened higher Wednesday as investors awaited final legislative action on a bill that includes a sharp reduction in corporate tax rates. The S&P 500 was up 0.3% at 2,689.25, while the Dow industrials advanced 69 points, or 0.3%, to 24,823. The Nasdaq Composite rose 0.3% to 6,987. The House passed the tax legislation Tuesday, sending it to the Senate where it won approval in a party-line vote early Wednesday morning. Due to a procedural snag, it must go back to the House for a re-vote, which is expected later Wednesday.
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