U.S. stocks rose Friday, paring the second weekly drop of the year for the Standard & Poor’s 500 index, as Nike 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.
Apple added 2 percent to rise above its 50-day moving average.
All 10 industries in the S&P 500 advanced Friday, as consumer, energy and telephone shares climbed the most, rising at least 0.7 percent.