Stocks rose on Friday, ending a turbulent week that gave the S&P 500 its worst selloff in March and its second-biggest gain. However, slumping Research In Motion Ltd. weighed on Canada’s benchmark index.
The S&P 500 closed at 1556.89, up 11.09 points or 0.7 per cent, a day after falling 0.8 per cent. The blue-chip Dow Jones industrial average closed at 14,512.03, up 90.54 points or 0.6 per cent. In Canada, the S&P/TSX composite index closed at 12,757.35, up 9.48 points or less than 0.1 per cent.
The gains follow speculation that Cypriot lawmakers are making progress toward a deal, necessary for the country to receive a bailout and save it from a banking failure and potential exit from the euro zone.
However, a reading on German business this month suffered its first decline since October.
Nike Inc. surged 11.1 per cent after reporting that its gross margins widened following price increases last year. Sales in China also rose, ending a recent slide.
Jewelry retailer Tiffany & Co. rose 0.5 per cent after reporting quarterly earnings of nearly $180-million (U.S.) or $1.40 a share, up 0.7 per cent over last year but topping expectations.
The earnings surprises followed key disappointments earlier in the week, when FedEx Corp. and Oracle Corp. missed expectations and delivered downbeat views. FedEx rose 2.1 per cent on Friday while Oracle fell 1 per cent.
In Canada, Research In Motion fell 8.1 per cent after its new BlackBerry Z10 went on sale in the United States in AT&T stores, trimming its earlier gains from this morning of nearly 4 per cent. Reports suggested a lack of enthusiasm among consumers for the new phones. As well, Credit Suisse reiterated its “underperform” recommendation on the stock.
Among key commodities, crude oil rose to $93.75 (U.S.) a barrel, up $1.30. Gold fell to $1,607.40 an ounce, down $6.40. Suncor Energy Inc. rose 0.2 per cent and Barrick Gold Corp. fell 0.9 per cent.
Lululemon Athletica Inc. fell 3.7 per cent, resuming its slide after reporting earlier in the week that a product recall of a popular yoga pant would cause a substantial financial hit.