US STOCKS-Wall St climbs on Nike, biotech lift
* Nike rises after results, outlook
* Biotechs on track for eighth straight advance
* Indexes up: Dow 0.78 pct, S&P 0.68 pct, Nasdaq 0.7 pct (Updates to market open)
By Chuck Mikolajczak
March 20 (Reuters) - U.S. stocks rose on Friday, lifted by results from Nike and another climb in biotechs, as investors assessed the impact of a stronger dollar on corporate earnings.
Dow component Nike jumped 3.7 percent to $101.95 after it posted a quarterly profit that beat market estimates. The world's largest sportswear maker sold more higher margin shoes and apparel, but warned that the stronger dollar would take a toll on its current quarter.
"There is a tug-of-war going on between current valuations in our market and a lot of bad news being priced into a strong dollar, with no good news being priced into a strong dollar," said Art Hogan, chief market strategist at Wunderlich Securities in New York.
"We are taking the multinationals out to the woodshed and not moving consumer names higher."
Biotechs were on track for their eighth straight advance, powered by a 6.6 percent climb in Biogen Idec to $466.07. The company said its experimental drug became the first Alzheimer's treatment to significantly slow cognitive decline and reduce brain plaque in patients with early and mild forms of the disease, according to a small study. The Nasdaq biotech index has gained 8 percent since March 10. Continuación...