ChevronTexaco Corp, the No. 2 US oil company, rose after it said quarterly earnings more than doubled on higher energy prices and some one-time gains, though asset sales cut into oil and gas production. Its shares rose US$0.17 to close at US$95.65.
Rival Exxon Mobil was up US$0.27 at US$46.30.
"Given that the energy sector has been such a strong driver of the better S&P earnings results, I think investors have something of a love-hate relationship with higher energy prices," Caffrey said.
"They like the earnings component that they're giving to the S&P, but at the same time, they recognize that it's increasing some of the inflationary pressures," he said.
Meanwhile, Gilead shares jumped after it reported a higher quarterly net profit on increased sales of its flagship HIV drug. Gilead rose US$5.14, or 8.64 percent, to US$64.64.
Other technology stocks advanced, including chipmaker Intel Corp, up US$0.14 at US$24.38, and Dell, up US$0.21 at US$35.47.
Global computer memory chip sales grew 20 percent to US$6.7 billion in the second quarter of this year from the previous quarter, but the industry is facing tough times ahead, US research firm Gartner said on Friday.
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