US mkts gain on easing worries over Cyprus; Asia rises

The US equity markets closed higher on Friday, helped by easing worries over Cyprus and upbeat earnings reports.

The Dow Jones industrial average gained 90.54 points to end at 14,512.03. The Standard & Poor's 500 Index rose 11.09 points to finish at 1,556.89. The Nasdaq Composite Index advanced 22.40 points to close at 3,245.

Eye on eurozone

European Union finance ministers approved EU-IMF plan for Cypriot banks.

Eurogroup president said financial assistance to Cyprus would be euro 10 billion.

"Deposit levy can and will be avoided." He further said none of the measures would affect deposits below euro 100,000.

President said bailout programme would see resolving of Laiki Bank and restructuring of Bank of Cyprus.

IMF chief expects to make proposal for IMF to take part in bailout.

ESM MD said disbursement of bailout to Cyprus would be on quarterly basis. First Cyprus bailout disbursement is in early May, he added.

Asian markets gained except Shanghai on Monday. Hang Seng, Nikkei, Kospi, Taiwan Weighted and Straits Times were up 0.5-1.5 percent whereas Shanghai fell 0.2 percent.