Wall Street opens higher, S&P 500 hits record high

Reuters
Traders work on the floor of the New York Stock Exchange May 28, 2014. REUTERS/Brendan McDermid

NEW YORK (Reuters) - U.S. stocks edged up on Thursday with the S&P 500 hitting a record high after data showed the U.S. economy contracted in the first quarter due to weather but signs indicated activity has since rebounded. The Dow Jones industrial average rose 36.95 points or 0.22 percent, to 16,670.13, the S&P 500 gained 5.62 points or 0.29 percent, to 1,915.4 and the Nasdaq Composite added 16.10 points or 0.38 percent, to 4,241.17. (Reporting by Angela Moon; Editing by Nick Zieminski)