US STOCKS-Dow, S&P 500 hit new highs; S&P set for six-day rally
* 'Quadruple witching' may boost volume, volatility
* Oracle slumps, Carmax surges after results
* Dow up 0.1 pct; S&P 500 up 0.1 pct; Nasdaq flat (Updates to afternoon)
By Angela Moon
NEW YORK, June 20 (Reuters) - U.S. stocks rose on Friday, pushing the Dow and the S&P 500 to record levels and setting the benchmark index up to score its fourth weekly advance over the past five.
But trading is expected to become volatile as the session progresses. Friday marks a "quadruple witching" day - the expiration of stock options, index options, index futures and single-stock futures - as traders close hedging positions or roll them over at the last minute.
The six-day run of gains for the S&P 500 index was its longest winning streak since mid-April. For the week so far, the S&P 500 has advanced 1.3 percent, while the Dow has gained 1.1 percent and the Nasdaq has added 1.2 percent.
"I haven't been concerned for weeks, but I'm becoming a bit concerned now with where the market is, especially with many indicators hitting levels that are contrary to the normal reading," said Randy Frederick, managing director of active trading and derivatives for Charles Schwab in Austin, Texas.
Among the most notable indicators were the correlation of the CBOE Volatility Index, known as the VIX, and the S&P 500. The VIX usually moves inversely to the performance of the S&P 500. The fear gauge is near its lowest since February 2007 while the S&P 500 is at an all-time high. Continuación...