Afternoon Market Update (NKE, AMD, DAL, LCC)

Shares of Nike Inc NKE surged more than 4% to reach a record high of $81.70, after the company reported an upbeat Q1 profit yesterday. NKE's shares have risen 82% in the past year. US Technology stocks rose, led by Advanced Micro Devices AMD up more than 5%. AMD has reduced its quarterly sales projections. The Nasdaq Composite Index gained about 1.80%, while the Philadelphia Semiconductor Index rose about 2.63%. The Morgan Stanley High Tech 35 Index moved up about 2.25%. US Airline stocks moved up, with Delta Air Lines DAL and US Airways LCC as the top gainers in the list. The upbeat report on August durable goods by the US helped the wider market move up. The NYSE Arca Airline Index (XAL) gained about 1.16% with all of its 13 components trading up. Read more from Benzinga's Markets.