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U.S. stocks open higher on strong dollar

Xinhua, May 27, 2015 Adjust font size:

U.S. stocks opened higher on Wednesday, rebounding Tuesday's weak close, as investors eyed the strong U.S. dollar.

The dollar continued to strengthen on Wednesday, up 0.37 percent in the early trading. The greenback gained against other currencies on Tuesday as generally upbeat data boosted U.S. rate-hike forecast.

U.S. stocks suffered big losses on Tuesday, as investors digested a string of data releases and Federal Reserve Chair Janet Yellen's speech.

No major data is expected Wednesday.

In corporate news, Tiffany reported its results for the three month period ended April 30, 2015. The company's net earnings declined 17 percent to 81 cents per diluted share for its latest quarter, above estimates, and revenue was also well above forecasts despite the negative effects of a strong dollar.

Michael Kors announced its financial results for the fourth quarter ended March 28, 2015. The company's quarterly total revenue increased 17.8 percent to 1.1 billion dollars, essentially in line with expectations. However, the luxury brand reported its slowest sales growth in three and a half years, and its full-year forecast is below Street estimates as well.

Shortly after the opening bell, the Dow Jones Industrial Average was up 30.29 points, or 0.17 percent, to 18,071.83. The S&P 500 gained 2.79 points, or 0.13 percent, to 2,106.09. The Nasdaq Composite Index rose 8.53 points, or 0.17 percent, to 5,041.28. Endi