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U.S. stock indexes end week on rebound

NEW YORK, March 22 (UPI) — U.S. stock indexes rebounded Friday, with reports from Nike and Tiffany boosting confidence despite uncertainty over a bailout for Cyprus.

Nike reported higher-than expected fourth quarter sales. Earnings at Tiffany beat expectations and the luxury jeweler projected rising revenue for 2013, The Wall Street Journal reported.

The reports overshadowed worries that Cyprus wouldn’t meet the Monday deadline imposed by the European Central Bank for Cyprus to work out a deal to secure a $13 billion international loan to keep its banks in business.

By close of trading Friday, the Dow Jones industrial average gained 90.54 points, or 0.63 percent, to 14,512.03. The Nasdaq added 22.40 points, or 0.7 percent, to 3,245. The Standard and Poor’s 500 gained 11.09 points, or 0.72 percent, to 1,556.89. On the New York Stock Exchange, 1,910 stocks advanced and 1,095 declined on a volume of 2.9 billion shares traded.

Ten-year U.S. treasury bond fell 4/32 to yield 1.931 percent.

Against the dollar, the euro was at $1.2988 from Thursday’s $1.2899. Against the yen, the dollar was lower at 94.51 yen from 94.91 yen.

In Tokyo, the Nikkei 225 index shed 2.35 percent, 297.16 points, to 12,338.53.

In London, the FTSE 100 index rose 0.07 percent, 4.21 points, 6,392.76.

Copyright 2013 United Press International, Inc. (UPI).

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