Stocks rise, aided by earnings

Trader Craig Spector works on the floor of Trader Craig Spector works on the floor of the New York Stock Exchange Tuesday. (March 19, 2013) Photo Credit: AP

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Strong company earnings boosted stocks on Wall Street Friday. Investors also saw a chance to add to their holdings after declines earlier this week.

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

A strong run-up in stocks this year is encouraging investors to buy whenever the market dips, says Ron Florance, managing director of investment strategy at Wells Fargo Private Bank.

"We still have an astonishing amount of money sitting on the sidelines," Florance says.

The Dow Jones industrial average rose 90.54 points to 14,512.03 Friday. The Standard & Poor's 500 index rose 0.72 percent, to 1,556.89. The Nasdaq composite index gained 0.70 percent, to 3,245.

Nike's stock hit an all-time high, rising 11 percent to $59.53 after the company reported a spike in quarterly profit. Tiffany's stock rose 1.94 percent to $69.23 after it reported strong earnings.

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Despite Friday's gains, the S&P 500 was down for the week, falling 0.3 percent. The index was weighed down by another debt crisis in Europe and disappointing corporate news. -- AP

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