Stocks are opening higher on Wall Street, pushing the S&P 500 ever closer to the all-time high it reached back in February, before the coronavirus shutdowns slammed the economy.

The index was up 0.3% in the early going Tuesday. European markets were also higher.

The gains followed President Donald Trump’s announcement that he plans to cut taxes on capital gains and income. Declines in big-name tech stocks like Apple and Microsoft kept the gains in check.

Those stocks have far outpaced the rest of the market this year as investors bet they could thrive in a stay-at-home economy.

Treasury yields rose.