NEW YORK (AA) – The stock market opened higher Friday with a rise in oil prices, and positive sentiment among investors amid President Donald Trump’s tax plan.
The Dow added 55 points to 20,227 and the S&P 500 rose four points to 2,312.
The Nasdaq increased 10 points to begin the last trading day of the week at 5,725.
At the first bell, American benchmark West Texas Intermediate was up 1.8 percent at $53.88 a barrel, and international benchmark Brent crude was trading at $56.57 per barrel — a 1.7 percent increase.
Trump said Thursday that his administration would announce a “phenomenal” plan in the next two or three weeks that would lower “the overall tax burden of American businesses”.
Tax reductions are expected to have a positive impact on economic growth, and investors have taken a buying position in the stock market because of that, according to analysts.
