Stocks opened higher on Wall Street, bolstered by strong earnings from some major U.S. corporations.

The Dow Jones industrial average rose 47 points, or 0.3 percent, to 14,469 as of 9:44 a.m. EDT. The Standard & Poor's 500 index advanced five points, or 0.3 percent, to 1,551. The Nasdaq composite gained 11 points, or 0.4 percent, to 3,224.

Nike shares hit an all-time high, rising more than 10 percent in early trading, after it surprised Wall Street late Thursday with a 55 percent spike in net income for the quarter. Tiffany rose $2.57 to $70.46 after its fourth-quarter earnings beat predictions thanks to strong customer demand in Asia for its pricey baubles.

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