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.
U.S. stocks rose, paring the second weekly drop of the year for the Standard & Poor’s 500 Index, as Nike Inc. and Tiffany & Co. beat earnings estimates and optimism grew that Cyprus will pass a plan to qualify for a bailout.
U.S. stocks slipped after a six-week rally left the Standard & Poor’s 500 Index trading at its most- expensive valuation since July 2011. European shares fell with Spanish and Italian bonds as the region’s finance ministers prepared to meet to discuss aid to Cyprus and Greece.
Skadden Arps Slate Meagher & Flom LLP is representing ASML Holding NV, Europe’s largest semiconductor-equipment supplier, which agreed to buy Cymer Inc. for 1.95 billion euros ($2.6 billion), its biggest deal ever, to satisfy customer demand for more advanced chipmaking technology. Sullivan & Cromwell LLP represents Cymer.
U.S. stocks retreated, sending the Standard & Poor’s 500 Index to the lowest level in almost a month, as political tension in Greece intensified concern about a euro exit and a deepening of the region’s debt crisis.