Stocks rise on Cyprus hopes

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NEW YORK (CNNMoney) U.S. stocks rose Friday on optimism that officials in Cyprus will reach a deal this weekend to rescue the nation's troubled banks.

The Dow Jones industrial average gained 90 points, or 0.6%. The S&P 500 and the Nasdaq both gained 0.7%. The Dow is back above 14,500 and the S&P 500 is once again less than 1% away from the record high it set in October 2007.

Despite Friday's advance, the major gauges all ended the week down a little less than 0.5%. All three indexes are up between 7% and 11% so far in 2013.

Officials in Cyprus could make decisions on "the hard dilemmas" facing the country later Friday, according to a government spokesman.

"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."

Cyprus is facing a Monday deadline to come up with

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