Earnings push market rebound

Posted: March 24, 2013

Strong earnings boosted stocks Friday as investors also saw a chance to add to their holdings after declines earlier in the week.

Nike reported a surge in quarterly profit, sending its stock price to a record. Tiffany topped earnings predictions, boosted by demand in Asia.

A resilient global economy has encouraged investors to pick up stocks on any dips, said Ron Florance of Wells Fargo Private Bank.

"We still have an astonishing amount of money sitting on the sidelines," he said.

The Dow Jones industrial average rose 90.54 points, or 0.6 percent, to 14,512.03 Friday. The Standard & Poor's 500 index rose 11.09 points, or 0.7 percent, to 1,556.89. The Nasdaq composite gained 22.40 points, or 0.7 percent, to 3,245.

Nike rose $5.93, or 11 percent, to $59.53 after the company reported a 55 percent spike in quarterly net income.

Tiffany rose $1.32, or 1.9 percent, to $69.23 on strong fourth-quarter earnings.

Chipmaker Micron Technology rose 97 cents, or 10.7 percent, to $10.05 despite reporting a loss in its fiscal second-quarter later Thursday. Revenue grew 3 percent, to $2.08 billion, better than analysts had expected.

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