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Wall Street Boosted Higher as Tax Reform Concerns Dissipate

Stocks were higher at midday.

All three benchmark indexes were well into positive territory about halfway through trading Friday as Wall Street bounced back from earlier concerns over tax legislation. The Dow Jones Industrial Average gained triple digits. It's the sixth day in seven that the Dow traded higher. The S&P 500 traded above its closing record as well. And the Nasdaq was up, too.

Markets finished Thursday trading lower after some GOP lawmakers expressed doubts over the party's ability to agree on tax negotiations. Florida Senator Marco Rubio said Thursday that he wouldn't vote in favor of the bill unless it expanded the child tax credit. On Friday, President Donald Trump predicted Rubio would vote in favor of the tax overhaul, allaying some of Wall Street's earlier concerns. The combined tax bill is expected to be released Friday.

Costco Corp. (COST) - Get Costco Wholesale Corporation Report stock gained heartily Friday after the company beat Wall Street's forecasts for its fiscal first quarter. Costco reported same-store sales up 7.9%. The company's digital platform grew 41% over a year earlier.

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