US STOCKS-Wall Street climbs as Oracle leads tech stocks higher

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* Oracle hits record high after results beat
* Major U.S. stock indexes headed for second weekly drop
* Indexes up: Dow 0.36%, S&P 0.31%, Nasdaq 0.29%

(Updates to open)
By Medha Singh and Devik Jain
Sept 11 (Reuters) - U.S. stocks rose on Friday, after a
pullback in the previous session, as Oracle's solid quarterly
results underscored the resilience of tech-related companies
during the coronavirus crisis.
The cloud services company's ORCL.N 5.1% jump was one of
the top boosts to the benchmark S&P 500 after its earnings beat
estimates and it signaled a recovery in client spending due to
higher remote working-led demand. The so-called "stay-at-home winners" — Apple Inc AAPL.O ,
Amazon.com Inc AMZN.O , Microsoft Corp MSFT.O and Netflix Inc
NFLX.O — rose about 1% each after selling in some of these
mega-cap stocks brought Wall Street's rally to a screeching halt
last week.
The major U.S. stock indexes were set to end this week lower
too, as concerns about the massive build-up in call options tied
to tech names exacerbated the selloff.
"You really only get a few days (of rotation) into
traditionally cyclical areas and then you pop back to the prior
leadership names. This pattern is likely to persist," said Liz
Ann Sonders, chief investment strategist at Charles Schwab.
Still, many investors view the slump as a healthy
consolidation after a stunning five-month rally in the S&P 500
that was powered by a narrow group of heavyweight tech names and
scores of fiscal and monetary stimulus.
Meanwhile, latest data showed U.S. consumer prices increased
solidly in August, but the labor market's slack is likely to
keep a lid on inflation as the economy recovers from the
COVID-19 recession. At 9:56 a.m. ET, the Dow Jones Industrial Average .DJI was
up 99.86 points, or 0.36%, at 27,634.44, the S&P 500 .SPX was
up 10.33 points, or 0.31%, at 3,349.52. The Nasdaq Composite
.IXIC was up 31.52 points, or 0.29%, at 10,951.11.
Eight of the 11 major S&P sectors traded higher, led by tech
.SPLRCT and industrials .SPLRCI .
Exercise bike maker Peloton Interactive Inc PTON.O climbed
4.1% as it reported a forecast-beating quarterly revenue due to
a surge in subscribers and increased demand for its fitness
products during the pandemic.
Advancing issues outnumbered decliners by a 1.64-to-1 ratio
on the NYSE and by a 1.70-to-1 ratio on the Nasdaq.
The S&P index recorded two new 52-week highs and one new
low, while the Nasdaq recorded 11 new highs and 10 new lows.