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NEW YORK (CNNMoney)
The Dow Jones industrial average, the S&P 500 and the Nasdaq were all up about 0.6% in early trading. The Dow was back above 14,500 while the S&P 500 was once again just a few points from passing the record high it set in October 2007.
The advance came after a government spokesman in Cyprus said officials could make a decision on "the hard dilemmas" facing the country later Friday.
"This is being interpreted as a step towards a solution," said Frank Davis, director of sales and trading at LEK Securities. "We don't know what that solution will be, but there seems to be something in the works."
Davis said investors were also encouraged by "various other fundamental news," including upbeat earnings data and a large share repurchase.
Cyprus is facing a deadline Monday to come up with €5.8 billion in order to secure a €10 billion bailout from the European Union and International Monetary Fund.
Talks between Russian officials and the Cyprus government broke up early Friday, with no agreement on a cash infusion that could help the island nation skirt a default. Nearly a third of the money in Cyprus' outsized banking sector is from Russian depositors.
"After several days of meeting with Russian officials, Cypriots have come back empty handed," said Marc Chandler, strategist for Brown Brothers Harriman, in an early note to investors, though he added, "One must be impressed with how well the markets have absorbed the still unresolved Cyprus situation."
Related: Russia bails on Cyprus
While a default is potentially disastrous for Cyprus, it wouldn't necessarily destabilize the European economy on its own. But investors are watching to see how the situation is resolved and if it could set a precedent for larger economies that may face similarly dire straits in the future.
U.S. stocks fell Thursday, with technology stocks weighing on the broader market following lackluster earnings from Oracle (ORCL, Fortune 500).
Early Friday, shares of Micron Technology (MU, Fortune 500) spiked higher after the company's earnings blew past estimates, sparking a slew of analyst upgrades.
Shares of BP (BP) rose after the oil giant said it was moving ahead with plans to buy back up to $8 billion of stock after completing the sale of its 50% stake in TNK-BP to Rosneft.
Nike (NKE, Fortune 500) shares surged after the apparel giant reported quarterly earnings on Thursday that beat expectations.
Tiffany's (TIF) stock jumped after the jewelry retailer reported a jump in quarterly profit.
Related: Fear & Greed Index slips back to greed
European markets were mixed in midday trading, reversing some of their losses as investors reacted to developments in Cyprus. Asian markets ended mixed. The Shanghai Composite added 0.2%, while the Hang Seng lost 0.5% and the Nikkei declined 2.4%.
The Ifo Business Climate Index for German manufacturing and trade slipped in March, as companies lost enthusiasm about their business outlook compared to February. But the index also showed that Germany -- Europe's strongest economy -- continues to prevail, buoyed by domestic spending. Construction is at its strongest point since reunification of East and West Germany, more than 20 years ago. 
First Published: March 22, 2013: 9:41 AM ET
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