S&P 500 paired second drop on a week on Friday

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Source: Dukascopy Bank SA
U.S. equities gained on Friday, yet posting the second weekly decline in 2013 for the S&P 500 Index, as optimism on Cyprus' ability to come up with a bailout plan rose and Nike Inc. and Tiffany & Co. data release on corporate earnings topped analyst estimates. The S&P 500 Index climbed 0.7% to 1,556.89 on Friday. All sectors in the gauge edged higher. Nike jumped 11.1% for the biggest rally on the index after the world's largest sporting-goods company said its gross margin increased for the first time in more than two years on rising orders for the brand in China. Micron Technology, the memory chips maker, followed with a 10.7% surge to close at $10.04 after the company reported second-quarter sales that were 3.4% up on a rebound in the shipments of chips. Kraft Foods Inc. rallied 4.1% to pace gains in consumer services group. Meanwhile, Advanced Micro Devices slid 3.8% to cap further gains in tech shares.

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