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(Reuters) – The S&P 500 and the Dow opened higher on Wednesday, with Nike hitting a record high following a strong quarterly earnings report, while investors looked to domestic business activity data to gauge the pace of an economic rebound.

The Dow Jones Industrial Average .DJI rose 125.42 points, or 0.46%, at the open to 27,413.60 and the S&P 500 .SPX opened higher by 4.54 points, or 0.14%, at 3,320.11.

The Nasdaq Composite .IXIC dropped 12.81 points, or 0.12%, to 10,950.83 at the opening bell.

Reporting by Devik Jain in Bengaluru; Editing by Anil D’Silva