Tech Stocks Rise Modestly in Overall Market Leap

Technology stocks soared in Tuesday's overall stock market leap In late morning, various tech indexes had gained about 2.2 percent, about the same as the S&P 500 Index.

The Philadelphia Semiconductor Index of 30 chip stocks and the Nasdaq 100 Tech Index were both up. The tech sector overall rose about 2.45 percent, compared with a 3.16 percent gain for basic materials.

Widely held technology stocks including IBM, Hewlett-Packard, Microsoft and Intel all rose by less than 1 percent after Monday's decline. But Xerox gained more than 2.2 percent while Cisco, scheduled to report results Wednesday, fell slightly.

Tech stocks had lagged behind the overall gains in the major market indexes in 2011. They have been unusually beaten in the turmoil of the past week.