Trump impeachment
House Speaker Nancy Pelosi launches formal impeachment inquiry of President Donald Trump on Tuesday. | Image: AP Photo/Carolyn Kaster

Futures on the Dow Jones Industrial Average (DJIA) and broader U.S. stock market rallied in after-hours trading Wednesday, as investors kept close tabs on an official impeachment inquiry of President Trump launched by House Speaker Nancy Pelosi.

Dow Futures Rally; S&P 500, Nasdaq Follow

Futures on all three major U.S. indexes traded in positive territory, setting the stage for a positive start to New York trading at 9:30 a.m. ET. Dow Jones futures climbed as much as 72 points. The futures contract was last up 69 points, or 0.3%, at 26,887.00.

Dow Jones futures
Dow Jones futures approach 26,900 in overnight trading. | Chart: Bloomberg

S&P 500 futures climbed 0.2% to 2,977.00. Nasdaq 100 mini contracts were up 0.2% at 7,753.00.

Pelosi Initiates Impeachment Inquiry Against Trump

Speaker Nancy Pelosi is moving ahead with a formal impeachment inquiry of Donald Trump over new allegations that the president had pressured Ukraine’s leadership into opening a corruption investigation into Joseph Biden and his son.

The allegations are part of a whistle-blower complaint against President Trump alleging that he willfully held information from Congress. The news broke a few days after the Trump administration froze $391 million in aid to Ukraine.

By initiating the impeachment inquiry, Pelosi and fellow House democrats are looking to draft a resolution condemning the president of wrongful behavior. However, this is no guarantee that the House will vote to charge Trump with crimes that lead to his impeachment. In the meantime, Democrats have threatened to subpoena Trump for a copy of the transcript with his call with Ukrainian President Volodymyr Zelensky.

Trump called the impeachment inquiry “presidential harassment” on Twitter. He added that Secretary of State Mike Pompeo received permission from Ukraine to release the transcript of the telephone call.

Trump also quoted an article claiming that the alleged whistle-blower worked for Hillary Clinton and Chuck Schumer.

This article was edited by Sam Bourgi.