Rise of stocks on Wall Street aided by earnings
NEW YORK -- Strong company earnings boosted stocks on Wall Street Friday. Investors also saw a chance to add to their holdings after declines earlier in the week.
Nike reported a surge in quarterly profit, sending its stock price to a record. Tiffany topped earnings predictions, boosted by demand from customers in Asia.
Investors were also drawn by a pause in the market's big run-up. The Standard & Poor's 500 index logged its second weekly decline of the year, despite Friday's gains.
The damper on U.S. stock markets was caused by another worrisome chapter in Europe's debt crisis, and some disappointing corporate news.
The Mediterranean island nation of Cyprus, a banking haven, is struggling to devise a plan to avoid financial collapse. Stocks were also weighed down on Thursday by weak sales from Oracle. That news brought down technology stocks.
The Dow Jones industrial average rose 90.54 points, or 0.6 percent, to 14,512.03 Friday. The Standard & Poor's 500 index rose 11.09 points, or 0.7 percent, to 1,556.89. The Nasdaq composite gained 22.40 points, or 0.7 percent, to 3,245.
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