Friday's early afternoon trade: stocks hits record highs for the second day

US stocks hit record highs for the second day on Friday as investors remained upbeat about a tax reform plan that President Donald Trump vowed to unveil in the coming weeks. Trump's promise of a "phenomenal" tax plan helped reignite a post-election rally, which had stalled in recent weeks on concerns over his protectionist stand and the lack of clarity on policy reforms.
"The market is saying, 'Thank you for coming back to the very core of the reasons we have accepted your agenda'," said Quincy Krosby, market strategist at Prudential Financial in Newark, New Jersey.
Oil prices rose more than 2 percent after reports that Opec members delivered more than 90 percent of the output cuts they pledged in a landmark deal that took effect in January.
The S&P 500 energy index was up 0.98 percent and gave the broader index its biggest boost. Industrial stocks, which have been among the top gainers in the post-election rally, also rose 0.64 percent. At 12:14 pm ET (1714 GMT), the Dow Jones Industrial Average was up 79.94 points, or 0.4 percent, at 20,252.34, easing from its all-time high of 20,262.68. The S&P 500 was up 7.05 points, or 0.30 percent, at 2,314.92, after hitting a record 2,315.16 The Nasdaq Composite was up 17.48 points, or 0.31 percent, at 5,732.66, slightly below its high of 5,733.21. All of the 11 major S&P 500 sectors were higher, with financials and consumer staples bringing up the rear.