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U.S. stocks open higher as dollar falls

Xinhua, March 20, 2015 Adjust font size:

U.S. stocks opened sharply higher on Friday as investors digested a weak dollar and earnings reports.

The U.S. dollar edged lower in the early trading, with the dollar index down 1.03 percent. The dollar bounced back sharply on Thursday after its biggest slide since 2009 following the Fed statement on Wednesday.

The Fed dropped its promise to remain "patient" before raising interest rates, in its statement on monetary policy Wednesday.

"Just because we're not using the word 'patient' doesn't mean we're going to be impatient," said Yellen in a press conference following the statement's release.

In corporate news, Tiffany reported its results before the opening bell for the "fourth quarter" ended January 31, 2015, and showed its worldwide net sales were 1 percent below the prior year. Analyst think such fell in sales mainly due to a stronger dollar and weak demand during the holiday season.

Shares of Nike, the world's largest sportswear maker, were up 3.19 percent in the early session after it posted a better-than-expected quarterly profit. The company's diluted earnings per share for the quarter were up 19 percent due to higher revenues.

Shortly after the opening bell, the Dow Jones Industrial Average was up 84.08 points, or 0.47 percent, to 18,043.11. The S&P 500 gained 12.45 points, or 0.60 percent, to 2,101.72. The Nasdaq Composite Index rose 33.78 points, or 0.68 percent, to 5,026.16. Endi