Shares of drilling contractors rose Friday as crude prices turned sharply higher and investors cheered strong earnings from a number of key companies.

Oil drilling contractor Pride International Inc. on Thursday said its first-quarter profit more than doubled, partially as a result of a hefty one-time gain.

Pride International Inc. received a five-year use contract from a unit of British oil company BP for an oil rig Pride is currently having built.

In sectors of the industrial economy, especially those directly affected by growing global demand, orders cannot be processed fast enough, hiring is rampant, products and services are being cranked out in record amounts and stocks are responding.