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Stocks open higher on Wall Street; Adobe jumps

The Associated Press

In this Tuesday, March 19, 2013, photo, Trader Craig Spector works on the floor of the New York Stock Exchange. World stock markets moved higher Wednesday March 20, 2013 as investors set aside their apprehension over the financial fate of Cyprus and looked ahead to the Federal Reserve for its assessment of the U.S. economy. (AP Photo/Richard Drew)

Stocks are opening higher on Wall Street as the European island nation of Cyprus seeks alternatives to a bailout plan its legislature overwhelmingly rejected the day before.

The Dow Jones industrial average was up 79 points, or 0.6 percent, to 14,535 points shortly after the opening bell Wednesday.

The broader Standard & Poor's 500 index was up nine points, or 0.6 percent, to 1,557. The S&P is coming off three straight losses.

The Nasdaq composite was up 21 points, 0.7 percent, at 3,250.

Adobe Systems rose 4 percent to $42.39 after the software maker reported strong earnings for its first fiscal quarter late Tuesday.

FedEx fell 4 percent to $101.86. The package delivery company reported a 31 percent plunge in income as customers shifted to less-expensive international shipping options.