Technology shares jumped Friday on a potential merger in the software industry, while broader gains were limited as investors welcomed strong economic news but questioned how it will impact U.S. interest-rate policy. Light sweet crude oil for November delivery closed at a record high of $83.69 a barrel. The oil contract briefly hit a record trading high of $84.05 during the session before declining somewhat. In corporate news, Oracle made a $6.7 billion bid for software maker BEA Systems. The all-cash offer would represent a 25 percent premium above BEA's closing price Thursday. However, BEA said in the afternoon that it had rejected the offer, which it says undervalues the company, a move that could set up a bidding war between Oracle and rival SAP. The Dow Jones industrial average rose 77.96, or 0.6 percent, to 14,093.08. General Electric (GE) reported higher quarterly earnings that met estimates. However, investors sold the stock to take profits, sending its shares lower. The broader Standard & Poor's 500 index rose 7.39, or 0.5 percent, to 1,561.80. The technology-heavy Nasdaq composite index jumped 33.48, or 1.2 percent, to 2,805.68. Oracle shares were unchanged, while BEA Systems shares jumped 35 percent after news of Oracle's bid for the software maker. The New York Stock Exchange composite index rose 56.24 to 10,301.49. The American Stock Exchange composite index rose 17.66 to 2,446.83. And the Russell 2000 index rose 6.19 to 841.17.
