US open: Stocks rise ahead of Trump news conference

US stocks nudged higher on Wednesday as traders awaited Donald Trump’s first major speech since he was elected President on 8 November.

At 1505 GMT, the Dow Jones Industrial Average increased 0.35% to 19.924.60 points, the S&P 500 rose 0.15% to 2,272.13 points and the Nasdaq climbed 0.02% to 5,552.67 points.

Oil prices edged higher ahead of figures from the Energy Information Administration at 1530 GMT with West Texas Intermediate up 0.56% to $51.11 per barrel and Brent crude up 0.75% to $54.05 per barrel.

Trump’s news conference in New York at 1600 GMT is the key event in the US, as his remarks could potentially move marks.

“Wall Street may turn to Trump for further clarity this evening on how his fiscal policies could boost US economic growth,” said FXTM research analyst Lukman Otunuga.

“With Donald Trump already labelled as a renowned market shaker, market participants should keep diligent and be prepared to expect the unexpected.”

Ahead of his speech, Russia denied that it held compromising material on Trump, saying a dossier of unverified allegations was an “absolute fabrication” and a ploy to hurt relations between the US and Russia.

In corporate news, Supervalu slumped after the supermarket chain reported swung to surprise loss in the most recent quarter.

Synnex Corp. nudged up after reporting a 37% increase in fourth-quarter profit.

Merck & Co. gained after saying late on Tuesday that the US Food and Drug Administration will grant a priority review for one of its lung cancer drugs.

There are no key data releases scheduled for Thursday.