* Dollar at three-week high; gold slips
* Oil prices up as producers stick to supply cut deal
* Activision top stock on S&P after earnings, buyback
* Indexes up: Dow 0.27 pct, S&P 0.20 pct, Nasdaq 0.18 pct
(Updates to open)
By Yashaswini Swamynathan
Feb 10 U.S. stocks hit record highs shortly
after the open on Friday, a day after President Donald Trump
said he would release a major tax reform plan in the coming
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
The biggest theme for investors is that Trump's tax plan
will move quickly and he has always maintained that it is going
to be very aggressive, said Uriel Cohen, founder of Alpine
Global in New York.
"No one wants to miss a large pop when that news does come
Jeb Hensarling, the Republican chairman of a key House of
Representatives committee, laid out his plan to roll back Wall
Street and consumer protection rules, which were put in place
after the 2008 financial crisis, according to a staff memo seen
by Reuters on Thursday.
Banks, including Morgan Stanley, Bank of America
and JPMorgan, were slightly higher. The S&P 500
financial index rose 0.31 percent, giving the broader
index its biggest boost.
Goldman Sachs rose 0.78 percent and was the top stock
on the Dow.
The dollar index was up 0.3 percent to a three-week
high of 101.01. Gold was down 0.3 percent.
Oil prices rose 1.5 percent after news that OPEC members'
initial compliance with last year's production cut deal reached
a record high.
At 9:38 a.m. ET (1438 GMT) the Dow Jones Industrial Average
was up 55.34 points, or 0.27 percent, at 20,227.74.
The S&P 500 was up 4.65 points, or 0.20 percent, at
2,312.52 and the Nasdaq Composite was up 10.07 points,
or 0.18 percent, at 5,725.25.
Eight of the 11 major S&P 500 sectors were higher, with
energy's 1 percent rise leading the gainers.
Activision Blizzard surged 13.7 percent and gave
the biggest boost to the S&P 500. The videogame maker reported
better-than-expected quarterly revenue and a $1 billion share
Sears Holding jumped 31 percent to $7.27 after the
struggling retailer said it would cut debt and pension
obligations by at least $1.5 billion this year.
Mead Johnson was up 4.7 percent after Reckitt
Benckiser finalised a $16.6 billion deal to buy the
infant formula maker.
Skechers USA was up 17.8 percent after its
fourth-quarter revenue beat expectations.
Advancing issues outnumbered decliners on the NYSE by 1,770
to 837. On the Nasdaq, 1,396 issues rose and 859 fell.
The S&P 500 index showed 25 new 52-week highs and no new
lows, while the Nasdaq recorded 75 new highs and nine new lows.
(Reporting by Yashaswini Swamynathan in Bengaluru; Editing by