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Apple adds nearly 50 points to Dow's 332-point rally after report that Buffett bought 75 million shares

The Dow Jones Industrial Average slashed a gap 150-point drop to near sharply higher Friday, on the back of a pop in Apple Inc. AAPL, +three.92% Shares of Apple contributed essentially the most to price-weighted Dow DJIA, +1.39% after a report from CNBC late Thursday stated Warren Buffett's Berkshire Hathaway Inc. BRK.A, +1.93% BRK.B, +2.10% received some 75 million further shares of the iPhone maker throughout the first quarter. Apple's inventory closed at a document, up three.nine%, or $6.94, at $183.83, contributing about 48 points to the Dow, with a $1 transfer in any one of the vital blue-chip gauge's 30 components equating to a 6.89-point swing. The closed up 332 points, or 1.four%, at 24,262. Meanwhile, the S&P 500 index SPX, +1.28% ended up about 1.three% at 2,663, whilst the Nasdaq Composite Index COMP, +1.71% complicated by way of 1.7% at 7,209. Apple is the biggest corporate by way of marketplace price and has a tendency to have an outsize affect on market-value weighted indexes just like the Nasdaq and S&P 500.