Dow hits new high on Cyprus deal

NEW YORK (CNNMoney)

The Dow Jones industrial average nudged up 0.2% to hit a new intraday high of 14,547. The S&P 500 gained 0.3%, while Nasdaq added 0.4%.

European markets rallied nearly 1% in afternoon trading, while Asian markets ended mixed. The dollar rose against the euro, which was trading around $1.29.

Cyprus' new bailout program includes a deep restructuring of the country's banking sector, but will also protect deposits will less than €100,000. A plan to tax all bank accounts, a key sticking point that had enraged Cypriots, was shelved.

Without a deal, the tiny state risked losing emergency funding from the European Central Bank as early as Tuesday. That would have meant financial collapse and almost certain exit from the eurozone.

Now that a deal has been reached, investors are breathing a cautious sigh of relief.

Related: Fear & Greed Index: Still greedy

Aside from Cyprus, Dell (DELL, Fortune 500) shares popped more than 3%, after the PC maker said early Monday that it had received two competing bids to founder Michael Dell's buyout offer. Both Carl Icahn's Icahn Enterprise (IEP, Fortune 500), and Blackstone Group (BX) submitted separate buyout offers, which Dell said may turn out to be superior.

Shares of Apollo Group (APOL) rallied more than 10%, after the company reported earnings that blew past estimates, even as enrollment at University of Phoenix declined nearly 16%.

BlackBerry (BBRY) continued to come under pressure, as investors saw slow sales of the new Z10, which made its U.S. debut. Goldman Sachs downgraded the smartphone maker.

U.S. stocks ended last week with modest declines.

Related: A 3-way fight for Dell

In the commodities market, oil prices rose 1%, while gold prices edged lower.

The U.S. dollar rose the British pound and Japanese yen.

The yield on the 10-year Treasury note edged down to 1.95% from 1.93%.

First Published: March 25, 2013: 9:49 AM ET

Anda sedang membaca artikel tentang

Dow hits new high on Cyprus deal

Dengan url

https://sepakgajah.blogspot.com/2013/03/dow-hits-new-high-on-cyprus-deal.html

Anda boleh menyebar luaskannya atau mengcopy paste-nya

Dow hits new high on Cyprus deal

namun jangan lupa untuk meletakkan link

Dow hits new high on Cyprus deal

sebagai sumbernya