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US: Stocks open higher as Tiffany jumps

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[NEW YORK] US stocks opened higher on Wednesday, recovering some of the prior day's losses as good earnings from Tiffany offset a disappointing report from Michael Kors.

Five minutes into trade, the Dow Jones Industrial Average was at 18,073.60, up 32.06 points (0.18 per cent).

The broad-based S&P 500 added 2.87 (0.14 per cent) at 2,107.07, while the tech-rich Nasdaq Composite Index advanced 8.80 (0.17 per cent) to 5,041.55.

Jewellery company Tiffany vaulted 10.3 per cent higher as first-quarter earnings translated to 81 cents per share, much higher than the 70 cents projected by analysts.

But women's apparel and accessory seller Michael Kors slumped 17.5 per cent after projecting full-year sales of just US$4.7-US$4.8 billion, below the US$5.05 billion analyst estimate.

US stocks fell more than one per cent on Tuesday on a strengthening dollar.

AFP

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