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U.S. stock indexes head higher

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.

Nike shares rose 11 percent, while Tiffany gained 3.7 percent in early trading.

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.

In late morning trading Friday, the Dow Jones industrial average gained 77.03 points, or 0.53 percent, to 14,498.52.

The Nasdaq added 14.07 points, or 0.44 percent, to 3,236.67. The Standard and Poor’s 500 gained 8.83 points, or 0.57 percent, to 1,554.63.

Ten-year U.S. treasury bonds fell 5/32 to yield 1.935 percent.

Against the dollar, the euro was at $1.299 from Thursday’s $1.2899. Against the yen, the dollar was lower at 94.74 yen from 94.91 yen.

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

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

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