Stocks Opened Higher on Tax-cut Optimism

U.S. stocks opened higher on Friday, on growth optimism as the Trump administration inched a step closer to implementing its tax-cut plan. The Dow Jones Industrial Average lately rose 75.09 points, or 0.32%, to 23,238.13. The S&P 500 gained 8.17 points, or 0.32%, to 2,570.27. The Nasdaq Composite added 27.21 points, or 0.41%, to 6,632.28.

Oil prices moved sharply lower for a second straight day on Friday, as traders worried that OPEC-led production cuts won’t be enough to reduce the global supply glut that’s keeping a lid on prices. West Texas Intermediate oil for November lost 54 cents, or 1.1%, to $50.75 a barrel. Brent for December traded 50 cents lower, or 0.9%, at $56.73 a barrel.

Senate Republicans adopted a budget for the next fiscal year, clearing a critical hurdle in the GOP push to overhaul the tax code.

General Electric Co. slashed its 2017 profit forecast as its new boss grapples with one of the deepest slumps in the beleaguered manufacturer’s history. Adjusted earnings this year are expected to be $1.05 to $1.10 a share, down from a previous range of $1.60 to $1.70 a share, GE said Friday in the statement.

Procter & Gamble Co (PG) reported tepid sales that missed Wall Street estimates. This tapered sales growth, which just rose 1 percent to $16.65 billion in the first quarter. Net income attributable to the company rose 5 percent to $2.85 billion or $1.06 per share in the first quarter ended Sept. 30.