Stocks Opened Higher on Tax Cut Hopes

U.S. stocks opened higher on Monday as hopes for a fresh round of tax cuts overshadowed fears of an escalation in the trade war between the United States and China. The Dow Jones Industrial Average lately rose 65.07 points, or 0.25%, to 25,981.61. The S&P 500 added 9.99 points, or 0.35%, to 2,881.67. The Nasdaq Composite gained 7.84 points, or 0.10%, to 7,910.38.

Oil futures ticked higher Monday, buoyed by continued concerns over the impact of renewed sanctions on Iran and signs of a pickup in crude demand from China. West Texas Intermediate crude for October delivery rose 41 cents, or 0.6%, to $68.16 a barrel. November Brent crude gained 58 cents, or 0.7%, to $77.41 a barrel.

The Securities and Exchange Commission announced Sunday suspensions in trading of the securities Bitcoin Tracker One CXBTF, -2.38% and Ether Tracker One CETHF In a statement, the SEC said trading was suspended as of 5:30 p.m. Eastern and will continue until 11:59 p.m. Sept. 20.

Jack Ma will step down as executive chairman of Alibaba Group Holding Ltd. in exactly 12 months’ time with Chief Executive Officer Daniel Zhang to succeed him at Asia’s most valuable company.