For Stocks, a Shiny New Quarter

Liro doesn't believe that the markets were reacting to Thursday's debates. "It really takes a couple of days for the nuances of these [debates] to shake out. If in a week we start seeing a decisive move in the polls, one way or the other, it may influence the market," he said.

Tech shares continued their rise today because "the economic numbers are starting to suggest that the economy is moving out of the soft patch," said Peter Cardillio, chief market analyst at S.W. Bach & Co. "So the market now is discounting strong economic growth ahead along with improved earnings, particularly in the tech arena."

In corporate news, PeopleSoft said its board has decided to terminate CEO Craig Conway. It named its founder and chairman, Dave Duffield, as CEO, but Conway's ouster will make it harder for the software maker to fend off a hostile takeover bid from Oracle, and shares of PeopleSoft closed up $2.88, or 15%, to $22.83.

Shares of Oracle, which recently extended its $21-a-share offer and won a U.S. court ruling to proceed with its takeover, were also higher on Friday.

Shares of Tivo (TIVO Quote) and Netflix (NFLX Quote) were higher Friday after the two companies announced a deal to create a service that uses high-speed Internet connections to deliver DVD movies to home viewers. Shares of Netflix were up 5.9% to $16.33, while Tivo jumped 0.2% to $6.63.

Murphy Oil (MUR Quote) on Friday warned that third-quarter earnings would be lower than expected due to Hurricane Ivan-related production stoppages. The company now expects earnings between $1.15 and $1.35 a share in the third quarter, below the Street's expectation of $1.39 a share.

Another corporate warning came from Alliance Gaming (AGI Quote), which said restructuring costs and slower business in its first quarter would hurt earnings. The company said it would produce losses in the range of 9 cents to 14 cents a share. Analysts had expected earnings of 11 cents a share.