NEW YORK — U.S. stocks rose for a third straight day Friday after upbeat results from technology giant Oracle Corp. and data showing the economy grew more than previously estimated at the end of 2010.
“Positive news by Oracle and Accenture both helped create a more positive earnings environment in the market,” Michael Sheldon, chief market strategist at RDM Financial Group, said Friday. “We could be seeing some putting money back to work ahead of quarter’s end next week.”
The Dow Jones industrial average rose 50.03 points to 12,220.59, up 3.1 percent from its finish March 18. Of the blue-chip index’s 30 components, 16 advanced, led by tech heavyweight IBM and oil producer Chevron Corp., each up 1.3 percent. Hewlett-Packard fell the hardest, off 1.3 percent.
The S&P 500 added 4.14 points, or 0.3 percent, to 1,313.80, giving it a 2.7 percent gain on the week. Energy led sector gains among the index’s 10 industry groups. The Nasdaq composite climbed 6.64 points, or 0.2 percent, to 2,743.06 on Friday.
“The one negative which gives investors pause is volume has been fairly light on the days on which the market has moved higher,” Sheldon said.
A late-Thursday earnings report from Oracle Corp. helped lift the technology sector. Also assisting tech, Accenture PLC shares gained 4.5 percent after the consultancy and outsourcing firm raised its outlook.
The benchmark averages only briefly scaled back on their gains after a consumer-confidence gauge ticked lower this month.
“While today’s survey will make some headlines by suggesting that confidence fell even further than originally reported, there really is nothing new per se,” said Dan Greenhaus, chief economic strategist at Miller Tabak & Co. “We know that March, for whatever reason, was a bad month for consumer confidence, and today’s report only drives that point home further.”
U.S. real gross domestic product grew at a 3.1 percent annualized rate in the fourth quarter, revised up from the 2.8 percent pace reported one month ago, according to the Commerce Department.
