US STOCKS-Wall St rises on Nike, lower dollar; set to snap 3 weeks of losses
* Nike rises after results, outlook
* Biotechs on track for eighth straight advance
* Indexes up: Dow 1.3 pct, S&P 1.1 pct, Nasdaq 1 pct (Updates to early afternoon)
By Caroline Valetkevitch
March 20 (Reuters) - U.S. stocks rose on Friday, putting the S&P 500 on track to snap a three-week streak of losses, following upbeat results from Nike, further gains in biotechs and a pullback in the dollar.
Recent sharp gains in the U.S. dollar had increased worries about the currency's impact on the earnings of U.S. multinationals. S&P 500 earnings projections for the quarter and for 2015 have fallen sharply since Jan. 1.
Among early reporters, Nike jumped 4.8 percent to $103.02 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.
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...