September 14, 2016 / 3:32 PM / 2 years ago

US STOCKS-Wall Street rises on Apple-led tech gains

* Apple rises for 3rd day in a row; boosts all indexes

* Ford drops after issuing disappointing 2017 forecast

* Indexes up: Dow 0.22 pct, S&P 0.31 pct, Nasdaq 0.64 pct (Adds details, comments, updates prices)

By Yashaswini Swamynathan

Sept 14 (Reuters) - Wall Street rose on Wednesday, supported by gains in technology stocks and in tandem with the recent oscillation as investors fret over interest rates.

Apple shares were up 3.1 percent, giving the three major indexes their biggest boost and rising for the third day in a row on reports of strong demand positive review for the new iPhones.

The technology sector was up 0.8 percent, topping the eight gainers among the 10 major S&P 500 indexes.

U.S. stocks have swung wildly since Friday on contrasting comments from Federal Reserve officials on whether the central bank would raise interest rates at its Sept. 20-21 meeting.

The benchmark S&P 500 index fell 1.4 percent on Tuesday after having gained by a similar measure on Monday. The index had fallen 2.45 percent on Friday.

“With a seasonal backdrop, high valuations and concerns over disparate monetary policies by central banks, it will likely remain a choppy environment,” said Eric Wiegand, senior portfolio manager at the Private Client Reserve at U.S. Bank in New York.

The CBOE Market Volatility index, known as Wall Street’s fear gauge, has also spiked and dropped with the stock market’s gyrations. The index was down 3.47 percent on Wednesday.

At 11:04 a.m. ET the Dow Jones industrial average was up 39.1 points, or 0.22 percent, at 18,105.85.

The S&P 500 index was up 6.49 points, or 0.31 percent, at 2,133.51.

The Nasdaq Composite was up 32.77 points, or 0.64 percent, at 5,188.03.

“The cyclicals are doing well and that points to an underlying appetite to participate in the market, with the feeling that there is still some compelling valuations,” Weigand said.

Oil prices dropped 1.9 percent, sending the S&P energy and materials indexes down by 2 percent each.

Monsanto agreed to be bought by Bayer, but its stock rose just 0.82 percent as anti-trust concerns surrounding the deal.

Vitae Pharmaceuticals shares more than doubled to $20.95 after Allergan said it would buy the company for $639 million. Allergan rose 2.8 percent.

Ford fell 1.2 percent after the automaker said 2017 financial performance would decline from this year’s levels.

Advancing issues outnumbered decliners on the NYSE by 1,589 to 1,240. On the Nasdaq, 1,493 issues rose and 1,122 fell.

The S&P 500 index showed one new 52-week high and three new low, while the Nasdaq recorded 25 new highs and 29 new lows. (Reporting by Yashaswini Swamynathan in Bengaluru; Editing by Savio D’Souza)

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