After ending the previous session mostly higher, stocks have seen some further upside over the course of the trading day on Tuesday. Trading activity has remained somewhat subdued, however, with traders keeping a close eye on the Federal Reserve.
Semiconductor stocks have shown a strong move to the upside over the course of the session, driving the Philadelphia Semiconductor Index up by 1.2 percent. With the gain, the index has reached its best intraday level in over five years.
Spreadtrum Communications (SPRD) and Power Integrations (POWI) are turning in two of the semiconductor sector's best performances.
Considerable strength has also emerged among defense stocks, as reflected by the 1.1 percent gain being posted by the Philadelphia Defense Sector Index. The gain has lifted the index to a record high.
Flir Systems (FLIR) has helped to lead the defense sector higher, surging up by 5.5 percent following an upgrade by Raymond James to Strong Buy from Market Perform.
Electronic storage, natural gas, and brokerage stocks are also posting notable gains, while gold stocks are bucking the uptrend amid a sharp drop by the price of the precious metal.
The major averages have recently pulled back off their highs for the session but remain firmly positive. The Dow is up 110.20 points or 0.7 percent at 15,290.05, the Nasdaq is up 24.68 points or 0.7 percent at 3,476.81 and the S&P 500 is up 9.88 points or 0.6 percent at 1,648.92.
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