Tech Sector Soared Today On Gains From Blue Chip Stocks

Technology stocks are trading in the black today, led by a broad market rally. Major tech stocks jumped on positive economic data from the US and Europe. By 12:25 pm, the Nasdaq Composite Index, which contains many leading tech stocks, climbed 1.66% to 2195. The Philadelphia Semiconductor Index (SOX) surged 2.18% and the Morgan Stanley High Tech 35 Index (MSH) moved up 1.73%. Top gainers in the technology sector include semiconductor stocks, led by the optimistic estimate offered by Gartner Inc IT on spending for semiconductor equipment. The report indicated that global spending on semiconductor gear should rise 113% year-over-year. By 12:31 pm, Lam Research Corp LRCX climbed 4.61%, Applied Materials Inc AMAT rose 2.06%, Novellus Systems Inc NVLS rallied 4.85% and STMicroelectronics STM surged 4.94%. Read more from Benzinga's Markets.