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Tech shares lift Nasdaq, banks drag



    NEW YORK (Reuters) - Stocks rose on Friday as technology and pharmaceutical shares advanced, more than offseting bleak corporate outlooks and fears of inflation.

    The Nasdaq briefly added more than 1 percent, but the S&P 500 was near break even as bank shares extended losses.

    IBM leads the Dow, Apple boosts Nasdaq.

    The Dow Jones industrial average gained 20.23 points, or 0.27 percent, to 7,421.03. The Standard & Poor's 500 Index dropped 0.62 points, or 0.08 percent, to 783.42. The Nasdaq Composite Index rose 9.95 points, or 0.67 percent, to 1,493.43.

    (Reporting by Rodrigo Campos)