Markets Right Now: Stocks rise after tax plan passes Senate

AP News
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Posted: Dec 04, 2017 12:00 PM

The latest on developments in financial markets (All times local):

11:45 a.m.

Stocks are rising in midday trading on Wall Street after the Senate passed a tax overhaul bill.

Companies that stand to benefit the most from lower corporate taxes rose the most Monday. Small-company stocks and companies that do much of their business in the U.S. rose more than the rest of the market.

Lower-taxed companies like technology stocks didn't do as well.

Banks and retailers rose. Bank of America jumped 3.8 percent and Home Depot gained 2.8 percent.

The Standard & Poor's 500 index rose 12 points, or 0.5 percent, to 2,655.

The Dow Jones industrial average rose 222 points, or 0.9 percent, to 24,453. The Nasdaq composite fell 26 points, or 0.4 percent, to 6,821.

Bond prices fell. The yield on the 10-year Treasury note climbed to 2.39 percent.

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9:35 a.m.

Stocks are opening solidly higher on Wall Street following more deal news and progress on the Republican tax overhaul plan over the weekend.

Banks rose more than the rest of the market in early trading Monday. Bank of America jumped 3.4 percent.

Consumer-focused and industrial companies were also putting up big gains. Cable TV and entertainment company Comcast rose 3.4 percent and Boeing rose 2.2 percent.

Aetna rose 1.8 percent after the health insurer agreed to be acquired by drug store operator CVS. CVS fell 3.9 percent.

The Standard & Poor's 500 index rose 19 points, or 0.7 percent, to 2,661.

The Dow Jones industrial average rose 224 points, or 0.9 percent, to 24,453. The Nasdaq composite climbed 43 points, or 0.7 percent, to 6,892.