MAGIC is a system of two Imaging Atmospheric Cherenkov Telescopes located in the Canary island of La Palma. Since autumn 2009 both telescopes have been working together in stereoscopic mode, providing a significant improvement with respect to the previous single-telescope observations. We use observations of the Crab Nebula taken at low zenith angles to assess the performance of the MAGIC stereo system. The trigger threshold of the MAGIC telescopes is 50-60 GeV. Advanced stereo analysis techniques allow MAGIC to achieve a sensitivity as good as (0.76 +/- 0.03)% of the Crab Nebula flux in 50 h of observations above 290 GeV. The angular resolution at those energies is better than ~0.07 degree. We also perform a detailed study of possible systematic effects which may influence the analysis of the data taken with the MAGIC telescopes.
