Stocks are rallying, Dow up 150

Stocks opened higher for trading on Friday. The Dow returned to positive year-to-date territory, and the S&P was on track for its best week of the year.

Near 9:51 a.m. ET, the Dow was up 153 points, the S&P 500 was up 15 points, and the Nasdaq was up 31 points — all by less than 1%.

The Dow’s gains were led by a 4% rally in Nike shares, following the announcement of a 2-for-1 stock split and buybacks worth $US12 billion.

Stocks were on pace for a weekly gain of about 3%, and a finish at these levels for the Nasdaq would be the best week in four months.

In earnings, Abercrombie & Fitch crushed expectations on profits, revenues, and same-store sales, sending the shares up by as much as 20% in early trading.

Ross Stores shares were up about 9%, after the off-price retailer also reported better-than-expected earnings.

There’s no major economic data due today. At 1:00 p.m. ET, oil driller Baker Hughes will release its weekly data on crude oil inventories.

NOW WATCH: This master sushi chef turned a McDonald’s Big Mac into a sushi roll

NOW WATCH: Money & Markets videos

Business Insider Emails & Alerts

Site highlights each day to your inbox.

Follow Business Insider Australia on Facebook, Twitter, LinkedIn, and Instagram.