U.S. stocks opened higher on Thursday with retail stocks in focus after Best Buy posted higher-than-expected profit, though light trading volume suggested that optimism was limited.

With the quarter-end approaching, portfolio managers will be buyers as they execute window dressing, while hedge funds cover shorts that are under pressure.

The Dow Jones industrial average <.DJI> was up 58.43 points, or 0.48 percent, at 12,144.45. The Standard & Poor's 500 Index <.SPX> rose 5.78 points, or 0.45 percent, at 1,303.32. The Nasdaq Composite Index <.IXIC> added 16.14 points, or 0.60 percent, at 2,714.44.

(Reporting by Ryan Vlastelica)

Best buy