Stock Market Update

[BRIEFING.COM] The S&P 500 (+1.2%) remains at its best level of the day, which puts it right back near last week's high.

The market showed impressive resilience for the bulk of last week until giving in to selling pressure on Friday. However, this week has started with a renewed show of resilience thanks to solid early support from almost every sector.

Six groups are now up 1.0% or more, including top-weighted technology (+1.5%) and financials (+1.6%). Chipmakers are contributing to the strength in the technology sector, as the PHLX Semiconductor Index (+3.2%) extends its June gain to 10.9% versus a 2.3% month-to-date gain in the S&P 500. The sector is also receiving support from some of its largest components, including a push to a fresh record high in the shares of Microsoft (MSFT 479.62, +4.66, +1.0%).