Microsoft Sends Tech Soaring

Those big stock moves mitigated the sting of soaring oil prices. A day after surging 3.9%, the December front-month crude contract was up another $1.40 to close at $91.86 a barrel. Earlier, oil prices touched a record high of $92.22 a barrel.

Breadth was decidedly positive to end the week. On the New York Stock Exchange 3.58 billion shares changed hands, as advancers toppled decliners by a 3-to-1 margin. Volume on the Nasdaq reached 2.58 billion shares, with winners outpacing losers nearly 2 to 1.

The major averages also notched their sixth winning week in seven tries. The Dow added 2.1%, the S&P 500 gained 2.3%, and the Nasdaq finished the week 2.9% higher.

Last time out, stocks finished a volatile session with losses following record crude prices, mixed earnings and the latest round of economic data. The Dow ended down 3.33 points at 13,671.92, but was well above its session lows. The S&P 500 lost 1.48 points at 1514.40, and the Nasdaq was down 23.90 points, or 0.86%, at 2750.86.

"Technically, we tested 1500 on the S&P and held," said Marc Pado, U.S. market strategist with Cantor Fitzgerald. "Resistance isn't an obstacle until 1540."

Pado noted that the Federal Reserve's two-day meeting on interest rates will ultimately determine which way the major averages will swing in upcoming sessions. The Federal Open Market Committee's decision will come Wednesday, with most analysts expecting a 25-basis-point cut.