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Strong Nike earnings help lift US stocks

AFP
Dow member Nike opens higher on increased earnings as US stocks gain

Dow member Nike opened higher Wednesday on increased earnings as US stocks gained in the last full day of trade prior to the Christmas holiday.

Five minutes into trade, the Dow Jones Industrial Average was at 17,551.23, up 133.96 points (0.77 percent).

The broad-based S&P 500 rose 12.86 (0.63 percent) to 2,051.83, while the tech-rich Nasdaq Composite Index advanced 25.86 (0.52 percent) to 5,026.97.

The market's early returns primed it for a third straight day of gains, stoking talk of a "Santa Claus rally." Markets are closed Friday and finish at midday on Thursday.

Nike rose 2.7 percent as it reported that earnings for its fiscal second quarter increased 20 percent to $785 million behind a four percent increase in sales.