WKYT | Lexington, Kentucky | News

Stocks open higher, bonds down on tax plan

NEW YORK (AP) - 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.


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