The latest on developments in financial markets (All times local):

9:35 a.m.

Stocks are opening broadly higher on Wall Street, led by gains in banks and industrial companies.

JPMorgan Chase rose 0.8 percent in early trading Wednesday.

The gains came after the Senate passed the Republican-backed tax bill.

Chipmaker Micron jumped 4.7 percent after reporting strong quarterly results, and FedEx climbed 2.7 percent after its own results came in well ahead of analysts' forecasts.

The Standard & Poor's 500 rose 8 points, or 0.3 percent, to 2,689.

The Dow Jones industrials rose 71 points, or 0.3 percent, to 24,823. The Nasdaq gained 22 points, or 0.3 percent, 6,987.

Bond prices fell. The yield on the 10-year Treasury rose to 2.49 percent.