Stocks Opened Higher as Tax Bill Neared Final Approval

U.S. stocks opened higher on Wednesday after the U.S. Senate approved a sweeping $1.5-trillion tax bill that is expected to boost corporate earnings. The Dow Jones Industrial Average lately rose 16.33 points, or 0.07%, to 24,771.08. The S&P 500 gained 0.33 points, or 0.01%, to 2,681.80. The Nasdaq Composite fell 15.69 points, or 0.23%, to 6,948.17.

Oil prices rose on Wednesday, helped by U.S. inventory data showing a decline in stockpiles. West Texas Intermediate crude for February climbed 20 cents, or 0.4%, to $57.76 a barrel. Brent for the same month added 2 cents to $63.82 a barrel.

General Mills Inc raised its full-year organic sales growth forecast and reported second-quarter sales that topped Wall Street estimates. Net income attributable to the company fell 10.6 percent to $430.5 million, or 74 cents per share, in the quarter ended Nov. 26. It now expects fiscal 2018 organic sales growth to be between flat and down 1 percent, better than its prior forecast of a decline of 1 percent to 2 percent.