Apple's Blowout Quarter Propels Nasdaq to Big Gain

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New York, NY (AP) - The Nasdaq composite index is closing more than 2 percent higher, its biggest gain of the year, powered by a surge in Apple.

The iPhone maker's stock climbed $50 Wednesday after the company blew past Wall Street's profit forecasts.

Apple, the biggest component of the Nasdaq, climbed 8.9 percent after reporting that its earnings doubled from January through March. The company sold 35 million iPhones, twice as many as a year ago.

The Nasdaq rose 68 points to 3,030.

The Dow Jones industrial average rose 89, or 0.7 percent, to 13,091. The Standard & Poor's 500 rose 19, or 1.4 percent, to 1,391.

More than three stocks rose for every one that fell on the New York Stock Exchange. Trading volume was 3.9 billion, in line with the recent average.