Markets: News  

The stock market has built on its early gain with the S&P 500 (+0.3%) rising above yesterday's high. The top-weighted technology sector (+0.2%) holds a modest gain, which is masking significant strength among chipmakers. The PHLX Semiconductor Index (+2.4%) has rallied to a fresh record, thanks in part to a strong quarterly report from Taiwan Semiconductor Manufacturing Company (TSM 130.36, +11.13, +9.4%). The stock is the best performer in the group while only four components trade lower. Including today's gain, the PHLX Semiconductor Index is already up 9.6% for the month.