US stocks extend early gains as Trump’s inauguration looms

As we approach the swearing-in ceremony of Donald Trump as 45th President of the US, major US equity indices opened higher and extended gains during early hour of trading.

At the time of reporting, the Dow Jones Industrial Average added over 80-points and moved above 19,800 level, while the broader S&P 500 Index added around 11-points to 2,275. Meanwhile, tech-heavy Nasdaq Composite Index was trading up nearly 30-points to 5,570.

After hitting series of record high levels, rally in the US equity markets has receded of late as investors want to see if the post-election rally would be justified by policy actions. Hence, Trump's inaugural speech will be closely scrutinized on clarity over his intended fiscal policies aimed towards spurring US economic growth and expected to stoke inflationary pressure.

Meanwhile, strong gains in crude oil prices was seen supporting energy stocks and supported investors’ appetite for riskier-assets – like equities. 

In currency markets, the key US Dollar Index seesawed between tepid gains and losses as traders continue to reposition themselves ahead of the key event risk.