NEW YORK (May 17): Wall Street rallied sharply on Monday, juiced by a jump in Apple shares and gains from energy stocks that were backed by stronger oil prices.

Apple shares finished up 3.7% after Warren Buffett's Berkshire Hathaway reported a stake worth about US$1 billion ($1.37 billion) in the iPhone maker. The stock, which had lost about one-fifth of its value in the past month, gave the biggest boost to the three indexes.

The S&P energy sector gained 1.6% as oil prices hit six-month highs. Crude prices were supported by worries about global supply outages and as long-time bear Goldman Sachs sounded more positive on the market.

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