U.S. Stocks, Euro Gain Amid Debate on Cyprus Bailout
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U.S. stocks gained and the euro rallied, paring weekly losses, as Cyprus’s lawmakers debated measures needed to get a bailout and companies including Nike Inc. and Tiffany & Co. posted better-than-estimated results.
The Standard & Poor’s 500 Index gained 0.7 percent at 4 p.m. in New York, trimming its second weekly loss of the year. The Stoxx Europe 600 Index fell less than 0.2 percent, while the MSCI Emerging Markets Index dropped to a three-month low. The euro appreciated versus all 16 major peers and Italian and Spanish 10-year bond yields fell, while 10-year Treasury note rates were little changed at 1.92 percent. Industrial metals led commodities higher.