Stocks in the U.S. closed higher on Friday, rebounding from their biggest drop in nearly a month, as worries over Cyprus diminished.
The Dow Jones Industrial Average rallied 90.54 points, or 0.63 percent, to close at 14,512.03, the S&P500 gained 11.09 points, or 0.72 percent, to finish at 1,556.89 and the Nasdaq rose 22.40 points, or 0.70 percent, to close at 3,245.00.
Cyprus was close to a deal to raise billions of euros and unlock a bailout from the European Union that could avert a financial meltdown and its exit from the euro, its ruling party said.
The European Union issued the nation with an ultimatum to raise the 5.8 billion euros ($7.4 billion) necessary for a 10 billion euro bailout package by next Monday. The European Central Bank has said it will cut off liquidity to Cypriot banks without a deal. Cyprus' finance minister returned to Cyprus after two days of talks with Russian officials in Moscow failed to deliver a deal to rescue the country.
Earlier, Cyprus agreed with Greece on a takeover of the Greek units of Cypriot banks, which ended uncertainty over the fate of those operations.
European shares trimmed their earlier losses to end flat.
In commodity markets, base metals on the London Metal Exchange closed higher Friday. At the close of open outcry trading, copper was 1.0 per cent higher at $7,655 a metric tonne. Spot gold was flat at $1,612.40 a troy ounce.
Oil prices have climbed amid optimism that struggling Cyprus would secure a last-minute bailout deal and that growth in the US economy was picking up. New York�s main contract, West Texas Intermediate for May delivery, closed at $93.71 a barrel on Friday, a gain of $1.26 from Thursday�s close. The European benchmark, Brent North Sea crude for delivery in May, rose 19 cents to $107.66 a barrel in London.
The Aussie relatively steady at US$1.0445.
It�s a shortened trading week across Western markets this week with Good Friday approaching.
Whilst there�s no major economic data to be released in Australia today in the US we can expect the Midwest manufacturing with the National activity index and the Dallas Fed manufacturing index tonight.
The RBA will offer a financial stability review on Wednesday and Thursday sees releases for private sector credit and the TD Securities monthly inflation gauge.
In the U.S, investors can expect new home sales, durable goods and the Richmond Fed manufacturing index on Tuesday and pending home sales on Wednesday. On Thursday it�s the Chicago PMI and the revision of the December quarter GDP.
Despite markets being closed in the US on Friday, banks are open and releases will be posted for personal income and spending data and the Michigan Uni consumer sentiment gauge.