US stocks open higher as Tiffany jumps

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 0.18%.

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

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

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

US stocks fell more than 1% on Tuesday on a strengthening dollar.