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Stocks open higher, bonds down on tax plan

Stocks open higher, bonds down on tax plan

Stocks are heading higher in early trading while bonds are falling as investors weigh a tax cut proposal backed by President Barack Obama and Republicans in Congress.
Investors expect the tax-cut deal to boost economic growth but also widen the budget deficit. Estimates of the plan's cost range as high as $900 billion over the next few years.
Treasury prices are falling sharply Wednesday, sending their yields higher for a second straight day. The yield on the 10-year Treasury note rose to 3.22 percent, the highest level since June.
Meanwhile, the Dow Jones industrial average is up 10 points, or 0.1 percent, to 11,369. The broader S&P 500 index is up 3.5, or 0.3 percent, to 1,227. The Nasdaq composite index is up 9, or 0.3, to 2,607.