US stocks rise on hopes of Cyprus deal
NEW YORK—US stocks closed Friday firmly higher amid hopes that the Cyprus banking crisis will be resolved this weekend.
At the closing bell, the Dow Jones Industrial Average was up 90.77 (0.63 percent) at 14,512.26.
The broad-based S&P 500 increased 11.10 (0.72 percent) to 1,556.90, while the tech-rich Nasdaq Composite Index jumped 22.40 (0.70 percent) to 3,245.00.
The rebound followed market losses Thursday due to some weak earnings reports and uncertainty about Cyprus.
“We’re taking back a lot of the losses we’ve seen,” said Anthony Conroy, a trader at BNY Convergex Group.
The European Central Bank has given Cyprus until Monday to clinch a bailout deal or face withdrawal of ECB emergency financing for its stricken banking system.
“They’re going to have some kind of deal,” Conroy predicted.