U.S. stocks advanced on Friday, buoyed by gains in Microsoft and Procter & Gamble after their quarterly results. Clear Alternatives Chief Executive Officer Dianne Garnick says every industry is highly dependent on energy.

SHOWS: NEW YORK, USA (OCTOBER 24, 2014) (REUTERS - ACCESS ALL)

1. CLEAR ALTERNATIVES, CHIEF EXECUTIVE OFFICER, DIANNE GARNICK, SAYING:

JOURNALIST ASKING DIANNE GARNICK: 'The S&P has turned it around. Some of what is going on that people are paying attention to is the energy sector. Now, everybody likes to talk about the energy sector because oil is such a big deal, but energy is actually not that big a sector in the market.'

GARNICK: 'Yeah, you know it is the topic de jour as the market is sold off. One of the things that people keep focusing on is oil prices, the energy sector, the truth is it is roughly 10 percent of the S&P 500. It is not actually as big as its headline is appearing. As hedge fund managers and investors everywhere are trying to figure out what gives with this market.'

JOURNALIST: 'Right, exactly, but with the price of oil coming down as much as it has people like to look at it and say does this mean something for the economy. Is the world economy going into the toilet? So when you are seeing the price of energy and energy stocks that is and they have been the worst performing sector so far in the S&P this year, well what are we thinking about and what tells you that perhaps maybe it is giving the right signal, the wrong signal?'

GARNICK: 'So here is what is kind of interesting. If you look at all of the sectors in the S&P 500, there are ten of them and you say which one of these sectors is the most related, which one does the best when the economic environment is improving, well two kind of make their way to the top. Number two, not surprisingly is technology, right. We all know when the economy does better, technology does better, right. But, the number one is energy and why is it that energy has such a high correlation to the wonderful performance to the economy? It is because you cannot create a business today without using energy. The same could be said for technology except energy is primarily prevalent in manufacturing, services, every industry highly dependent on energy to keep them going.'