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Stocks open higher following jump in goods orders

Traders work on the floor of the New York Stock Exchange Tuesday, March 19, 2013. European markets steadied Tuesday March 26, 2013, a day after they were roiled by a suggestion from a leading European finance official that the Cyprus bailout was a model for the future. (AP Photo/Richard Drew)

NEW YORK (AP) -- Stocks are opening higher on Wall Street after factory orders for February increased sharply, reflecting a rebound in the aircraft industry.

The Commerce Department reported a 5.7 percent surge in overall orders durable goods, the biggest increase in five months.

The Dow Jones industrial average rose 66 points, or 0.5 percent, to 14,514 shortly after the opening bell Tuesday. The Standard & Poor's 500 index rose seven points, or 0.5 percent, to 1,559. The Nasdaq composite was up 15 points, also 0.5 percent, to 3,250.

European markets were also up modestly as investors gain confidence in the bailout arranged for Cyprus. The island nation decided to keep its banks closed for another two days in an attempt to ward off panicked withdrawals.