Stocks Opened Higher, Tiffany Hit by 4Q Loss

U.S. stocks opened higher on Friday, as investors’ attention turned on speeches from several Federal Reserve officials and earnings results. The Dow Jones Industrial Average lately added 81.98 points, or 0.50%, to 16,413.03. The S&P 500 gained 9.66 points, or 0.52%, higher at 1,881.67. The Nasdaq Composite was up 10.14 points, or 0.23%, at 4,329.42.

Federal Reserve Bank of Minneapolis President Narayana Kocherlakota, who dissented from this week’s decision on monetary policy, said the central bank’s new guidance about its policy intentions risks holding back economic growth by fostering uncertainty.

The famous Tiffany luster lost some sparkle on Friday as its stock got hammered by a fourth quarter loss. For the three months ended Jan. 31, the luxury jewelry company lost $103.6 million, or 81 cents per share. A year earlier it earned $179.6 million, or $1.40 per share.

Fitch Ratings on Friday upgraded its outlook for the U.S. AAA credit rating, removing the nation from a downgrade watch after politicians put off another debt limit battle until next year.

Canadian retail sales rose at the fastest pace in eight months in January, with the rebound led by automobiles and general merchandise stores. Sales increased 1.3 percent to C$40.7 billion ($36.2 billion), following December’s revised 1.9 percent drop, Statistics Canada said today in Ottawa.