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U.S. stocks rally amid Trump's inauguration

Xinhua, January 21, 2017 Adjust font size:

U.S. stocks traded higher in the morning session Friday, as Wall Street eyed the inauguration of President-elect Donald Trump.

Around noon, the Dow Jones Industrial Average rose 99.74 points, or 0.51 percent, to 19,832.14. The S&P 500 added 9.83 points, or 0.43 percent, to 2,273.52. The Nasdaq Composite Index increased 20.31 points, or 0.37 percent, to 5,560.39.

Trump will deliver his inauguration speech later Friday and investors will be keenly anticipating what he will say as he speaks to the nation as president for the first time.

U.S. stocks posted solid gains after Trump won the presidency election as investors bet that he would pursue massive corporate tax cuts, deregulation, and infrastructure spending.

In corporate news, shares of the Procter & Gamble Co. jumped over 3 percent around midday Friday after the company reported better-than-expected quarterly results.

Shares of IBM rose nearly 2 percent around midday Friday as the tech giant delivered quarterly results that beat market expectations.

Shares of American Express Co. traded slightly higher around midday Friday after the U.S. bank posted quarterly earnings shy of forecasts but revenues above estimates.

On Thursday, U.S. stocks reversed early gains to end lower, as investors digested a batch of economic data as well as the European Central Bank's decision to keep its interest rates unchanged. Enditem