Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.5%) has rallied to a fresh high with 30 minutes remaining in today's session.

The top-weighted technology sector (+0.5%) is keeping pace with the broader market, but that is masking relative strength among chipmakers. The PHLX Semiconductor Index (+2.2%) trades well ahead of the tech sector and the broader market with all but two of its components holding gains. Intel (INTC 22.24, +1.76, +8.6%) is the best performer of the bunch, rallying past its 50-day (20.57) and 200-day (21.62) moving averages, amid growing optimism surrounding the company's new fabrication technology.

Software stocks are offsetting the strength among chipmakers with Microsoft (MSFT 470.29, -2.46, -0.5%) giving back yesterday's gain while the iShares Expanded Tech-Software Sector ETF (IGV 105.91, -0.22, -0.2%) holds a modest loss.