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US stocks open higher as Tiffany jumps

AFP

US stocks opened higher 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 percent).

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

Jewelry company Tiffany vaulted 10.3 percent 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 percent after projecting full-year sales of just $4.7-$4.8 billion, below the $5.05 billion analyst estimate.

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