Stock Market Update

[BRIEFING.COM] The S&P 500 (+0.5%), Nasdaq Composite (+0.9%), and DJIA (+0.4%) are higher shortly after the open, as semiconductor stocks and a select few earnings moves push the indices higher despite mixed strength in the broader market.

The PHLX Semiconductor Index (+3.8%) is firmly higher, though off its opening highs. However, today's advance surpasses yesterday's opening gain, which was ultimately erased. Memory names such as Micron (MU 930.68, +65.22, +7.54%) and Sandisk (SNDK 1522.54, +131.59, +9.46%) lead the advance after a strong showing from memory stocks overnight in Asian markets, while a host of chipmaker and infrastructure names also trade higher.

The information technology sector (+1.4%) holds a solid gain, with the semiconductor strength offsetting weakness in several of its other largest components.

Five S&P 500 sectors trade higher, though the gains are more modest elsewhere. The energy sector (+0.4%) is included in that group, as crude oil rises $2.00 (+2.4%) to $84.48 per barrel.

The industrials sector (+0.4%) holds a similar gain as 3M (MMM 175.12, +16.00, +10.06%) surges higher after earnings, which is also supportive for the DJIA.