US stocks open higher on Cyprus hopes

US stocks have opened higher, suggesting investors have become more hopeful about the Cyprus situation that has hung over recent trading.

Five minutes into trade on Friday, the Dow Jones Industrial Average increased 50.52 points (0.35 per cent) to 14,472.01.

The broad-based S&P 500 picked up 6.29 (0.41 per cent) at 1,552.09, while the tech-rich Nasdaq Composite Index rose 14.11 (0.44 per cent) to 3,236.70.

The rebound followed market losses on Thursday due to some weak earnings reports and uncertainty about Cyprus.

But Briefing.com analyst Patrick O'Hare said the stronger euro on Friday suggested "there is an underlying sense that a worst-case scenario will be avoided" regarding Cyprus.

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