Stocks rise on Wall Street aided by earnings
Stock markets rose Friday, bolstered by strong earnings from big companies. Investors also saw an opportunity to add to their holdings following declines this week.
The market got a boost early from robust earnings at some big name companies. Nike reported a surge in quarterly profit, sending its stock price to a record. Strong demand from customers in Asia helped Tiffany top its earnings predictions, and lifted its stock.
Investors were also drawn by the market's pause this week. The cooling off in stocks followed a hot streak that included a Dow record and a 10-day winning streak earlier this month.
The S&P 500 is down 0.3 percent for the week. The Dow Jones industrial average is down 0.1 percent.
The damper on the markets this week has been another worrisome twist in Europe's debt crisis.
New concerns about the crisis arose Monday, when it appeared that the Mediterranean nation of Cyprus was nearing financial collapse.
On Thursdays, stocks fell because of weak sales from Oracle.
On Friday, though, investors took advantage of the pause and got back into the market.
The global economy has remained resilient in the face of a series of crises. That has helped drive the buying says Ron Florance, managing director of investment strategy at Wells Fargo Private Bank.
"We still have an astonishing amount of money sitting on the sidelines," said Florance. "The individual as well institutional investors have been sitting it out."
Investor optimism has been boosted by signs that U.S. housing is recovering and companies are hiring more workers. Healthy profits for corporations and continuing stimulus from the Federal Reserve have also boosted stock prices.
The Dow Jones industrial average rose 75 points, or 0.6 percent, to 14,505 as of 11:16 a.m. EDT Friday. The Standard & Poor's 500 index rose 10 points, or 0.6 percent, to 1,556. The Nasdaq composite gained 15 points, or 0.5 percent, to 3,237.
Nike shares hit an all-time high, rising 12 percent after its 55 percent spike in quarterly net income. Tiffany rose $1.87 to $69.77 after its strong fourth-quarter earnings.
The yield on the 10-year Treasury note rose from 1.91 percent to 1.93 percent.
Among other stocks making big moves Friday;
-- Micron Technology rose 94 cents to $10.02 despite reporting a loss in its fiscal second-quarter later Thursday. The chipmaker said that revenue grew 3 percent, to $2.08 billion, better than analysts had expected.
-- Anacor Pharmaceuticals Inc. climbed $1.55 to $6.40 Friday, after the drug developer reported strong data from a mid-stage study of a potential chronic rash treatment.