US STOCKS-Wall St finishes up more than 1 pct on tech

(Updates to 4 p.m.)

NEW YORK, May 12 (Reuters) - U.S. stocks closed sharply higher on Monday as the introduction of a faster BlackBerry spurred optimism about business spending on technology while cooling oil prices eased inflation concerns.

Based on the latest available data, the Dow Jones industrial average .DJI ended up 131.16 points, or 1.03 percent, at 12,877.04. The Standard & Poor's 500 Index .SPX was up 15.30 points, or 1.10 percent, at 1,403.58. The Nasdaq Composite Index .IXIC was up 42.97 points, or 1.76 percent, at 2,488.49. (Reporting by Jennifer Coogan; Editing by Kenneth Barry)