US stocks gained on Friday as stronger-than-expected results from software maker Oracle Corp and Nike Inc brightened the profit outlook. Oracle's shares rose 4.1 percent to $21.91 on Nasdaq after its earnings and revenue topped analysts' estimates and Citigroup and UBS raised their price targets on the stock of the world's third-largest software maker.
Stronger-than-expected quarterly net profit from Nike added to the positive mood on Wall Street. Shares of the world's largest athletic shoe and apparel maker rose 1.1 percent to $59.14.
Friday marks the expiration of equity derivative contracts in the quarterly event known as "quadruple witching." Volume was up as investors exercised their derivative positions or rolled them forward at the last minute.
"When you get close to options expiration, you probably have people covering (positions) who normally wouldn't," said Rick Campagna, portfolio manager at Provident Investment Council in Pasadena, California. "Very good numbers" in earnings results have also been a factor, he said. "I think earnings will be good for the third quarter."
The Dow Jones industrial average was up 69.58 points, or 0.50 percent, at 13,836.28. The Standard & Poor's 500 Index was up 8.13 points, or 0.54 percent, at 1,526.88. The Nasdaq Composite Index was up 16.76 points, or 0.63 percent, at 2,671.05.