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NEW YORK (CNNMoney)
The S&P 500 gained 0.3%, nearly topping its all-time closing high of 1,565.15.
The Dow Jones industrial average hit a new intraday high of 14,547 shortly after the open, but was trading little changed by mid-morning. The Nasdaq added 0.3%.
European markets rallied nearly 1% in afternoon trading, while Asian markets ended mixed. The dollar rose against the euro, which was trading around $1.29.
Cyprus' new bailout program includes a deep restructuring of the country's banking sector, but will also protect deposits will less than €100,000. A plan to tax all bank accounts, a key sticking point that had enraged Cypriots, was shelved.
Without a deal, the tiny state risked losing emergency funding from the European Central Bank as early as Tuesday. That would have meant financial collapse and almost certain exit from the eurozone.
Now that a deal has been reached, investors are breathing a cautious sigh of relief.
Related: Fear & Greed Index: Still greedy
Aside from Cyprus, Dell (DELL, Fortune 500) shares popped more than 3%, after the PC maker said early Monday that it had received two competing bids to founder Michael Dell's buyout offer. Both Carl Icahn's Icahn Enterprise (IEP, Fortune 500), and Blackstone Group (BX) submitted separate buyout offers, which Dell said may turn out to be superior.
Related: A 3-way fight for Dell
Shares of Apollo Group (APOL) rallied 10%, after the company reported earnings that blew past estimates, even as enrollment at University of Phoenix declined nearly 16%.
BlackBerry (BBRY) continued to come under pressure, after its new Z10 phone received a lukewarm reception by U.S. consumers. Goldman Sachs also downgraded the smartphone maker to neutral, calling the U.S. launch "disappointing."
Shares of Dollar General (DG, Fortune 500) rose after the retailer's profit topped expectations.
In the commodities market, oil prices rose nearly 2%, while gold prices edged lower.
The U.S. dollar rose the British pound and Japanese yen.
The yield on the 10-year Treasury note edged down to 1.95% from 1.93%. 
First Published: March 25, 2013: 9:49 AM ET
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