US: S&P 500, Dow open higher on earnings optimism

THE S&P 500 and the Dow opened higher on Thursday (May 26) after strong profit forecasts from companies such as Macy's, while data confirmed the US economy contracted in the first-quarter, quelling some worries about aggressive rate hikes.

The Dow Jones Industrial Average rose 127.89 points, or 0.40 per cent, at the open to 32,248.17.

The S&P 500 opened higher by 5.87 points, or 0.15 per cent, at 3,984.60, while the Nasdaq Composite dropped 24.90 points, or 0.22 per cent, to 11,409.84 at the open. REUTERS