India, April 17 -- Stocks have moved sharply higher during trading on Friday, extending the strong upward move seen over the past several sessions. The major averages have all shown significant moves to the upside, with the Nasdaq and the S&P 500 once again reaching new record intraday highs.

Currently, the major averages are just off their highs of the session. The Dow is up 974.63 points or 2.0 percent at 49,553.35, the Nasdaq is up 362.39 points or 1.5 percent at 24,465.10 and the S&P 500 is up 85.73 points or 1.2 percent at 7,127.01.

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