U.S. Stocks Close Higher On Optimism Over Cyprus Deal

Category: Markets / Finance / Mar 22, 2013 5:18PM EDT
U.S. stocks rose on Friday after earnings beat expectations and concern about Cyprus eased. Both Nike Inc. (NKE) and Tiffany & Co. (TIF) beat earnings estimates, but it wasn't enough as the Dow snapped a four-week win streak and the S&P 500 saw its second losing week this year. Nike soared 11 percent after the company reported a rebound in profitability, and Tiffany rose 2 percent after posting better-than-estimated quarterly profit. At the close, the Dow Jones industrial average was up 0.6 percent, while the Standard & Poor’s 500-stock index and the Nasdaq composite were 0.7 percent higher. For the week, the Dow dipped just 0.01 percent, the S&P 500 shed 0.2 percent and the Nasdaq edged down 0.1 percent. (Video Source: REUTERS)