S&P 500, Dow open higher on earnings optimism

The S&P 500 and the Dow opened higher on Thursday after strong profit forecasts from companies such as Macy’s (NYSE:M), while data confirmed the U.S. 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%, at the open to 32,248.17. The S&P 500 opened higher by 5.87 points, or 0.15%, at 3,984.60, while the Nasdaq Composite dropped 24.90 points, or 0.22%, to 11,409.84 at the open.