Stocks Opened Higher on Trump Tax Plan

U.S. stocks opened higher on Friday, inspired by President Donald Trump’s promise of a “phenomenal” announcement about his tax plan soon. The Dow Jones Industrial Average lately rose 56.72 points, or 0.28%, to 20,229.12. The S&P 500 gained 5.12 points, or 0.22%, to 2,312.99. The Nasdaq Composite added 10.05 points, or 0.18%, to 5,725.23.

Crude-oil jumped on Friday after the International Energy Agency lifted its demand forecast and said OPEC is sticking to its pledge to cut production. West Texas Intermediate crude for March rose 1%, or 53 cents, to $53.53 a barrel. April Brent crude added 1.1%, or 62 cents, to $56.25 a barrel.

The cost of imported goods surged in January for the third time in four months and they are climbing at the fastest pace in five years, mostly because of rising oil prices that are nudging U.S. inflation higher. Import prices rose 0.4% last month after a revised 0.5% gain in December, the government said Friday.

Reckitt Benckiser Group PLC on Friday said it agreed to buy baby-food maker Mead Johnson Nutrition Co. for $16.6 billion, a deal that will almost double the size of the British company’s consumer-health business and help it push deeper into emerging markets.

Sears Holdings Corp. (SHLD) announced a restructuring plan that aims to cut costs by $1 billion on an annualized basis and improve operating performance.