Wall St rises on hopes for Cyprus deal, but dips for week
U.S. stocks rose on Friday on optimism that a deal to bail out Cyprus would be reached, but ended lower for the week for just the second time this year.
Nike shares jumped 11.1 percent to $59.53 and hit a record intraday high at $60.23, a day after the athletic shoe maker reported stronger-than-expected results. The news lifted consumer discretionary stocks, with the S&P 500 consumer discretionary sector index ending up 1.2 percent, leading the S&P 500 higher.
Cyprus was close to a deal to raise billions of euros and unlock a bailout from the European Union that could avert a financial meltdown and its exit from the euro, its ruling party said.
The lingering concern among investors is that were Cyprus to leave the euro zone, it would open the door for other larger countries to follow suit and debilitate the bloc.
"If, in fact, the talk of departures from the euro were to get front and center, that could scare investors at the macro level, but it's unlikely the Cyprus thing turns into that," said Sandy Lincoln, chief market strategist at BMO Asset Management US in Chicago.
The S&P 500 ended the week down 0.2 percent, which was just its second weekly decline of the year, as investors were alarmed that Europe's debt crisis would again roil markets over Cyprus' financial troubles.
Stocks have been gaining on news of a strengthening recovery and the view the Federal Reserve will continue to support the economy. The S&P 500 is up 9.2 percent for the year.
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