How might I format words in a string that match an array of particular values? (React)

Question

The below example allows me to format/bold one value in the label/string. How would I bold MULTIPLE values in the label/string that are held in an array (e.g. const values = ["dolor", "ipsum"])? Thank you.

/**
 * Find and highlight relevant keywords within a block of text
 * @param  {string} label - The text to parse
 * @param  {string} value - The search keyword to highlight
 * @return {object} A JSX object containing an array of alternating strings and JSX
 */
const formatLabel = (label, value) => {
  if (!value) {
    return label;
  }
  return (<span>
    { label.split(value)
      .reduce((prev, current, i) => {
        if (!i) {
          return [current];
        }
        return prev.concat(<b key={value + current}>{ value }</b>, current);
      }, [])
    }
  </span>);
};

formatLabel('Lorem ipsum dolor sit amet', 'dolor');
// <span>Lorem ipsum <b>dolor</b> sit amet</span>

Previous discussion on a similar topic is documented here: https://github.com/facebook/react/issues/3386