NEW YORK (MarketWatch) — U.S. stocks rose for a third straight day Friday after upbeat results from technology giant Oracle Corp. and data showing the economy grew more than previously estimated at the end of 2010.

“Positive news by Oracle and Accenture both helped create a more positive earnings environment in the market today,” said Michael Sheldon, chief market strategist at RDM Financial Group.

“We could be seeing some putting money back to work ahead of quarter’s end next week,” Sheldon added.

The Dow Jones Industrial Average DJIA, +1.19% rose 50.03 points to 12,220.59, up 3.1% from last Friday’s finish.

Of the blue-chip index’s 30 components, 16 advanced, led by technology heavyweight International Business Machines IBM, +0.57% and oil producer Chevron Corp. CVX, +0.12% , each up 1.3%, while Hewlett-Packard Co. HPQ, +0.21% fell the hardest, off 1.3%.

The S&P 500 SPX, +0.82% added 4.14 points, or 0.3%, to 1,313.80, giving it a 2.7% gain on the week. Energy led sector gains among the index’s 10 industry groups.

The Nasdaq Composite COMP, +0.74% climbed 6.64 points, or 0.2%, to 2,743.06 on Friday, and finished the week up 2.8%.

For every stock falling, more than two gained on the New York Stock Exchange, where just 572 million shares had traded by 3:25 p.m. Eastern.

“The one negative which gives investors pause is volume has been fairly light on the days on which the market has moved higher,” said Sheldon at RDM Financial.

Tech talk

A late-Thursday earnings report from Oracle Corp. ORCL, +0.37% helped lift the technology sector. Read about Oracle’s results.

Also helping tech, Accenture PLC ACN, +0.89% shares gained 4.5% after the consultancy and outsourcing firm raised its outlook.

The benchmark averages only briefly scaled back on their gains after a consumer-confidence gauge ticked lower in March.

“While today’s survey will make some headlines by suggesting that confidence fell even further than originally reported, there really is nothing ‘new’ per se,” said Dan Greenhaus, chief economic strategist at Miller Tabak & Co.

“We know that March, for whatever reason, was a bad month for consumer confidence and today’s report only drives that point home further,” he added.

U.S. real gross domestic product increased at a 3.1% annualized rate in the fourth quarter, revised up from the 2.8% pace reported one month ago, according to the Commerce Department. Read more about GDP data.