Stock indices down a bit for week
SAN FRANCISCO – U.S. stocks rose Friday in light trading, but logged a slight loss for the week, as investors bet that Cyprus will eventually be able to reach a bailout deal with its eurozone partners.
Better-than-expected results from Nike Inc. and Micron Technology Inc. also bolstered investor sentiment a few weeks ahead of earnings season.
The Dow Jones industrial average rose 90.54 points, or 0.6 percent, to close at 14,512.03, for a weekly loss of less than 0.01 percent.
Shares of Hewlett-Packard Co. led the charge higher Friday, finishing up 3.2 percent for the day.
The S&P 500 index advanced 11.09 points, or 0.7 percent, to close at 1,556.89. The index was down 0.2 percent for the week.
Shares of Nike led the S&P 500 higher Friday with an 11 percent gain after the company reported quarterly results above Wall Street estimates.
Right behind Nike was Micron Technology, which closed up nearly 11 percent, after the chip maker reported sales above estimates even as its quarterly loss widened.
Shares of luxury jewelry retailer Tiffany & Co. rose nearly 2 percent after the company reported quarterly results above analyst expectations.
The Nasdaq composite index gained 22.40 points, or 0.7 percent, to 3,245.00, as Apple Inc. gained 2 percent on the day. The index, however, finished the week down 0.1 percent.
The combination of a possible resolution in Cyprus and better-than-expected earnings reports a few weeks before most of the S&P 500 companies post results gave stocks a major boost, said Dan Greenhaus, chief global strategist at BTIG.
“It sounds like there is going to be some resolution in Cyprus, so people are excited about that,” Greenhaus said.
Cyprus lawmakers needed to make “big decisions” Friday to prevent a financial disaster, as parliament prepared to debate a range of crisis proposals.