US STOCKS-Wall St rises on Nike, biotechs; set to snap 3-week skid
* Nike rises after results, outlook
* Biotechs on track for eighth straight advance
* Indexes up: Dow 1.08 pct, S&P 0.98 pct, Nasdaq 0.87 pct (Updates to late morning)
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 profits.
Nike jumped 4.5 percent to $102.77 as the biggest boost to the Dow 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.
"A strong dollar isn't this great boogeyman and it indicates there is an improving economy," said Tim Ghriskey, chief investment officer of Solaris Group in Bedford Hills, New York.
"The reaction to Nike has been positive and the stock is up nicely, it has been a strong name but currency is going to have an impact."
Biotechs were on track for their eighth straight advance, powered by a 7.1 percent climb in Biogen Idec to $464.26. 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 7.3 percent since March 10. Continuación...