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Stocks rebound on Wall Street bolstered by strong earnings reports; Nike surges, Tiffany gains
Stocks are higher on Wall Street, bolstered by strong earnings from major U.S. corporations. Investors are also taking advantage of an earlier market decline to add to their holdings.
The Dow Jones industrial average rose 92 points, or 0.6 per cent, to 14,514 in midday trading Friday.
The Standard & Poor’s 500 index climbed 10 points, or 0.7 per cent, to 1,556. The Nasdaq composite rose 16 points, or 0.5 per cent, to 3,238.
Robust earnings from some big names gave the market a lift. Nike’s stock hit a record after the company surprised Wall Street with a surge in quarterly profit. Tiffany rose after its earnings beat predictions. Strong demand from Asian demand helped.
Stocks fell Thursday because of weak sales from Oracle and because of concerns that Cyprus may go bankrupt.
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