US stocks open higher ahead of Trump's inauguration

Shares of American Express Co. fell about one per cent after the US bank posted quarterly earnings shy of forecasts but revenues above estimates.

New York, Jan 20: US stocks opened higher on Friday as Wall Street eyed the inauguration of President-elect Donald Trump.

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

US 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 two per cent in the early trading after the company reported better-than-expected quarterly results.

Shares of American Express Co. fell about one per cent after the US bank posted quarterly earnings shy of forecasts but revenues above estimates.

Shortly after the opening bell, the Dow Jones Industrial Average rose 96.83 points, or 0.49 per cent, to 19,829.23. The S&P 500 added 11.89 points, or 0.53 per cent, to 2,275.58. The Nasdaq Composite Index increased 30.16 points, or 0.54 per cent, to 5,570.24.

On Thursday, US 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.

IANS