Markets Right Now: Stocks move higher on Wall Street

The latest on developments in financial markets (All times local):

11:45 a.m.

Stocks moved broadly higher in midday trading, erasing modest losses from the day before.

Technology companies, banks, and health care stocks were among the biggest gainers Friday.

Investors were encouraged by signs that the Republican-backed tax overhaul bill was making progress in Congress.

Costco Wholesale jumped 3.4 per cent after reporting a strong quarter.

The Standard & Poor’s 500 index rose 21 points, or 0.8 per cent, to 2,673.

The Dow Jones industrials rose 149 points, or 0.6 per cent, to 24,659. The Nasdaq composite rose 58 points, or 0.9 per cent, to 6,915.

Small-company stocks, which stand to benefit most from lower corporate tax rates, rose more than the rest of the market.

The Russell 2000 index rose 19 points, or 1.3 per cent, to 1,526.

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9:35 a.m.

Stocks are opening broadly higher on Wall Street, erasing modest losses from the day before.

Consumer products makers and retailers were among the early winners on Friday. Philip Morris rose 2.2 per cent.

Several companies were moving on earnings news. Software maker Adobe rose 1 per cent and Costco Wholesale jumped 4 per cent after each reported strong results.

The Standard & Poor’s 500 index rose 12 points, or 0.5 per cent, to 2,663.

The Dow Jones industrials rose 118 points, or 0.5 per cent, to 24,625. The Nasdaq composite rose 18 points, or 0.3 per cent, to 6,874.