BLUE-CHIP stocks were swept higher yesterday by renewed strength in battered technology shares and a surprisingly steep German rate cut that bolstered European exchanges.

The Dow Jones industrial average ended up 43.65 points at 5733.47, putting the index less than 45 points from its record closing high of 5778.00 set on May 22nd.

In the broader market, advancing issues swept declines 1,477 to 857 on moderately active volume of 354 million shares on the New York Stock Exchange.

The Nasdaq Composite index, which is laced with technology shares, jumped 17.12 points to 1,143.96.

The big news was the German central bank's decision to slash its main money market interest rate to a historic low of 3 per cent from 3.3 per cent.

There was speculation that the German move might take some of the pressure off the US Federal Reserve to raise interest rates.