US stocks extend Trump-inspired rally, surge to fresh record high levels

US stock markets build on Trump-inspired rally, with all three major indices scoring intraday record high levels and are now on track for a third straight weekly gains.

At the time of writing, the Dow Jones Industrial Average was up by nearly 50-points to 20,220, while the broader S&P 500 Index added around 4-points and rose to 2,312. Meanwhile, tech-heavy Nasdaq Composite Index rose around 10-points to 5,725.

The US President Donald Trump’s promise to announce a “phenomenal” tax plan in the coming weeks sparked a fresh leg of risk-on rally in the US equity markets. In addition to this, a sharp recovery in crude oil prices lifted energy stocks, adding to upbeat investors' sentiment and supported the ongoing bullish momentum.

Friday's session would continue to be dominated by additional political headlines in wake of Japanese Prime Minister Shinzo Abe's meeting with the US President Donald Trump.

Investors will also look for further news on Trump's immigration ban order, against the backdrop of a federal appeals court upholding the suspension of the said order.