U.S. stocks opened higher on Friday, putting major indexes on track for a week of solid gains after President Donald Trump said he would soon announce a “phenomenal” tax plan. Markets had rallied in the wake of Trump’s election, in large part on hopes for corporate tax cuts and deregulation, but the move higher stalled after his inauguration as investors grew frustrated that his focus turned to measures like the travel ban rather than economic policy. Financial stocks, which are expected to be among the biggest beneficiaries of Trump’s economic policies, rose 0.3%. Goldman Sachs Group Inc and Morgan Stanley were among the biggest gainers in the sector, with both rising 0.6%. The Dow Jones Industrial Average rose 42 points, or 0.2%, to 20,219. The S&P 500 gained 3 points to 2,311, a gain of 0.2%. The Nasdaq Composite Index added 11 points, or 0.2%, to 5,726.
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