Stock Market Update

[BRIEFING.COM] The stock market opened to broad-based gains, with advancing sending the S&P 500 (+1.0%), Nasdaq Composite (+1.2%), and DJIA (+0.6%) back into positive territory for the month. 

All eleven S&P 500 sectors trade higher, with the information technology (+1.5%), real estate (+1.4%), communication services (+1.3%), and utilities (+1.3%) sectors all holding gains wider than 1.0%. 

The information technology sector's recovery from yesterday's loss has played a pivotal role in pushing the major averages back near their record high levels. 

Chipmakers are helping the advance, with the PHLX Semiconductor Index up 3.2%. 

The market has also seen a rebound in its mega-cap names, as the Vanguard Mega Cap Growth ETF holds a 1.2% gain after closing 0.8% lower yesterday. 

Meanwhile, the financials sector (+0.4%) sees mixed price action in response to a batch of earnings reports this morning. Morgan Stanley (MS 164.43, +9.09, +5.85%) and Bank of America (BAC 52.70, +2.62, +5.22%) both trade higher after earnings beats, while PNC (PNC 179.43, -10.30, -5.43%) slips on downside guidance and Progressive (PGR 220.53, -19.87, -8.27%) trades lower after an earnings miss. 

Outside of the S&P 500, the small-cap Russell 2000 (+1.3%) outperforms, while the S&P Mid Cap 400 (+0.4%) holds a more modest gain.