U.S. stocks moved higher on Friday, as oil prices edged down and PeopleSoft Inc. and chip-related stocks boosted the tech-heavy Nasdaq to its highest level in more than two months. Shares of PeopleSoft rose more than 13 percent after the software company said its board had decided to remove Craig Conway as president and chief executive immediately, citing "a loss of confidence" in Conway's ability to lead the company. Rival Oracle Corp., which has made a hostile bid for PeopleSoft, climbed more than 5 percent. Semiconductor-related stocks helped the Nasdaq continue its rally after JP Morgan raised investment ratings on chip equipment makers Novellus Systems Inc., Applied Materials Inc. and Teradyne Inc.. Oil prices dipped 16 cents to $49.48 on Friday, giving some relief to the market, as rising energy costs and their impact on corporate profits have remained a key focus for investors. The blue-chip Dow Jones industrial average was up 102.43 points, or 1.02 percent, at 10,182.70. The broader Standard & Poor's 500 Index was up 15.77 points, or 1.41 percent, at 1,130.35. The Nasdaq Composite Index was up 39.80 points, or 2.10 percent, at 1,936.64. --More 2218 Local Time 1918 GMT
