U.S. Stocks Rise on Earnings Amid Cyprus Bailout Debate
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U.S. stocks rose, paring the second weekly drop of the year for the Standard & Poor’s 500 Index, as Nike Inc. and Tiffany & Co. beat earnings estimates and optimism grew that Cyprus will pass a plan to qualify for a bailout.
Nike rallied 11 percent to a record after the world’s largest sporting-goods company reported a rebound in profitability. Tiffany rose 1.9 percent after posting better-than-estimated profit amid increased demand in the Asia-Pacific region. Mondelez International Inc. and PepsiCo Inc. gained at least 3.3 percent on a report that billionaire investor Nelson Peltz has built stakes in the food makers. Apple Inc. added 2 percent to rise above its 50-day moving average.