Dow's nearly 400-point intraday surge yanks blue-chip average out of negative territory for the week
A surge of around 400 points on Friday afternoon for the Dow Jones Industrial Average has erased a weekly slide for the blue-chip gauge. The Dow was most recently up 397 points, or 1.7%, at 24,322, with less than 2 hours left of regular trade. The daily jump was sufficient to push the benchmark in to positive territory for the week, up less than 0.1%, along with the Nasdaq Composite Index , which was showing a daily advance of 1.9% at 7,219, with a weekly return of 1.5%. Gains for the broader market, including the S&P 500 index , which also bounced back into the green for the week, were largely driven by a record run-up in shares of Apple Inc after Warren Buffett said Berkshire Hathaway Inc. acquired a further 75 million shares of the iPhone maker, underpinning support in the tech giant. Because Apple is the largest company by market value, its moves can ripple through the broader market, including the technology-laden Nasdaq index.
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