Stocks are rallying

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(REUTERS/Joaquin Sarmiento)

US stocks opened higher on Wednesday after closing in the red for the last two trading sessions.

Near 2:05 p.m. ET, the Dow was up 128 points, the S&P 500 was up 18 points, and the Nasdaq was up 64 points.

The Nasdaq crossed its previous closing high of 5092.08 in the afternoon.

No major economic data was released today.

Michael Kors shares fell by as much as 18% after the company reported earnings below expectations and weak guidance.

Diluted earnings per share came in at $0.90 (versus $0.91 expected,) and sales for the fourth quarter totaled $1.1 billion (up 17.8%, versus $1.09 billion estimated.)

The retailer said it expects a "low double-digit comparable store-sales decrease" in the first fiscal quarter. Analysts at Piper Jaffray wrote that this guidance was still too optimistic.

Tiffany shares jumped 10% in early trading after the luxury jeweler reported earnings that topped estimates, and indicated plans for growth. Diluted earnings per share in the first quarter was $0.81 (down 17%, but more than forecasts for $0.69,) while sales dropped 5% to $962.4 million, but beat estimates for $919 million.

In other company news, McDonald's will no longer report its same-store sales numbers monthly, according to Bloomberg. Sales at stores open for at least one year have been sliding in the US; the company last reported a 2.3% decline in April.

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