Dow Climbs 100 Points As Stock Market Rallies On Tax-reform Hope

By Mark DeCambre Markets MarketWatch Pulse

U.S. stock benchmarks opened higher on Friday and looked set to log weekly gains as investors focused on the possibility of tax reform and the start of the Jackson Hole symposium of central bankers in Wyoming. The Dow Jones Industrial Average rose about 100 points, or 0.5%, at 21,882, only Boeing Co.'s shares were in negative territory among the Dow's components, off 0.2%. The S&P 500 index climbed 12 points, or 0.5%, at 2,450, while the Nasdaq Composite Index added 28 points, or 0.5%, at 6,300. That puts the technology laden gauge on track to halt a dubious streak of four consecutive weekly declines, with a roughly 1% gain. In an interview with the Financial Times, Gary Cohn, economic adviser to President Donald Trump, said that the president was focused on getting tax reform done by the end of 2017. Tax cuts and other fiscal stimulus measures had been part of the reason stocks rose to records after Trump's election victory in November. Meanwhile, investors may also be looking developments in the Gulf Coast after Hurricane Harvey was upgraded to Category 3 storm. In corporate news, Ulta Beauty Inc. shares dropped 4.8% in low premarket volume trading after the retailer's results late Thursday showed second-quarter sales growth slowed. Earnings were above Wall Street's expectations. Federal Reserve Chairwoman Janet Yellen is slated to deliver a speech at Jackson Hole speech at 10 a.m. Eastern, while European Central Bank President Mario Draghi is scheduled to speak at 3 p.m. Eastern. Check out a live blog of Jackson Hole here.

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