U.S. stocks close sharply higher as technology stocks rally

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Dow’s 300-point rally puts blue-chip benchmark on track for best 1-day rise in 3 weeks

The Dow Jones Industrial Average was trading around its highest level of the session Friday afternoon, putting the gauge on track to book its best daily return in about three weeks. The Dow [ was up 302 points, or 1.3%, at 24,232, at last check, which would be, if it holds, the sharpest daily return since April 10, when the average climbed 429 points, or 1.8%. The jump comes after a weaker-than-expected jobs report for April showed that 164,000 jobs were created during the month, less than an expected 188,000. However, the labor-market reading may have been read as unlikely to sway the Federal Reserve’s monetary policy plans, pushing it to raise corporate borrowing costs at a more rapid clip than the two more rate hikes expected in 2018. The S&P 500 index, meanwhile, was up 1.1% at 2,658, while the Nasdaq Composite Index rallied by 1.5% at 7,192, with the benchmarks all getting a pop from gains in Apple Inc. , after a late-Thursday report that Warren Buffett’s Berkshire Hathaway bought 75 million shares of the iPhone maker in the first three months of the year, a move that added to bullish sentiment in the market.

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