Stocks rallied on Friday amid strong earnings reports and indications of a forthcoming deal to avert the Cyprus bailout crisis ahead of Monday’s European Union-imposed deadline.
The S&P 500 was up 0.72 percent to 1,556.89, while the Dow gained 0.63 percent to close at 14,512.03, and the Nasdaq climbed 0.70 percent to end the day at 3,245.
On Thursday, Russia and the European Union played chicken over the Mediterranean nation’s debt crisis, with the former signaling its unwillingness to help out, and the latter issuing an ultimatum that Cyprus raise its 6 billion Euro portion of the proposed bailout deal by Monday if it was to expect any help at all. The resulting uncertainty led indices down across the board.
While no actual deal was announced on Friday, Cypriot lawmakers assured their constituents and markets worldwide that a deal was close.
Meanwhile, Nike's (NKE) shares spiked just over 11 percent to $59.53 after yesterday evening’s earnings report release indicated that the company’s third-quarter profits were up 55 percent on strong sales in North America and better than expected merchandise orders.
Tiffany & Co. (TIF) beat expectations on demand for the Asia-Pacific region in Q3 and projected worldwide sales growth for the rest of the year, sending shares up 1.94 percent to $69.23.
The Dow got a helping hand from Hewlett-Packard Co. (HPQ), up 3.23 percent to $23.04, and Wal-Mart Inc. (WMT) up 1.57 percent to $74.28.
On the Nasdaq, Groupon (GRPN) jumped 5.90 percent to $5.74 after Starbucks issued a coupon through the recently embattled company’s website.
Fedex (FDX) regained some of its losses from earlier in the week, gaining 2.05 percent to close at $94.48.
Notable losses included Blackberry (BBRY), who erased their otherwise good week with a dip of 7.74 percent to $14.91, after the staggered launch of the highly anticipated Z10 phone was received with little visible enthusiasm.
Shares for Monster Beverage Corp. (MNST) were down 3.67 percent closing at $48.50 after a report was released that established a connection between the energy drink and high blood pressure.
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