Stocks Opened Higher as Tax Reform, Yellen Speech in Focus

U.S. stocks opened higher on Friday on news that President Donald Trump will turn his attention to tax reform next week and as investors awaited Federal Reserve Chair Janet Yellen’s speech for clues on the future path of rate hikes. The Dow Jones Industrial Average lately rose 80.09 points, or 0.37%, to 21,863.49. The S&P 500 gained 9.68 points, or 0.40%, to 2,448.65. The Nasdaq Composite added 17.93 points, or 0.29%, to 6,289.26.

Oil prices advanced Friday, recouping some of the losses logged Thursday on concerns that a hurricane threatening the U.S. Gulf Coast could cause disruption leading to excess inventories. West Texas Intermediate crude oil futures for October were up 30 cents, or 0.6%, at $47.73 a barrel. Brent crude rose 33 cents, or 0.6%, to $52.37.

Orders for big-ticket U.S. goods fell by the largest amount in three years in July, reversing a strong gain in the prior month. The Commerce Department reported that orders for durable goods fell 6.8% in July, led by a sharp drop in volatile aircraft. It was the biggest decline since August 2014.