Stocks Opened Higher as Trump’s Tax Plan Awaited

U.S. stocks opened higher on Wednesday, as investors awaited President Donald Trump’s administration to outline his new tax plan. The Dow Jones Industrial Average lately rose 67.76 points, or 0.30%, to 22,352.08. The S&P 500 was up 7.69 points, or 0.31%, to 2,504.53. The Nasdaq Composite gained 46.04 points, or 0.72%, to 6,426.20.

Oil eased on Wednesday, edging lower for a second day, although an unexpected drop in U.S. crude inventories helped keep the price within sight of this week’s 26-month highs. Brent November crude futures were down 31 cents at $58.13 a barrel by 1055 GMT, while U.S. crude for November delivery was unchanged on the day at $51.88.

President Donald Trump and congressional Republicans are proposing a far-reaching plan to cut taxes for individuals and corporations, simplify the tax system and nearly double the standard deduction used by most Americans.

New orders for U.S.-made capital goods increased more than expected in August and shipments maintained their upward trend, pointing to underlying strength in the economy despite an anticipated drag on growth from Hurricanes Harvey and Irma. The Commerce Department said on Wednesday non-defense capital goods orders excluding aircraft, a closely watched proxy for business spending plans, rose 0.9 percent last month after an upwardly revised 1.1 percent gain in July.