Intel (NASDAQ: INTC) and AMD (NYSE: AMD) led the tech sector higher on Tuesday.
Intel shares gained 4 percent on speculation that the company could beat Wall Street estimates when it reports quarterly results next month — or perhaps raise its guidance even sooner than that.
AMD rose 5 percent, as both chip makers are in the process of launching new server chips.
Micron (NASDAQ: MU), Texas Instruments (NYSE: TXN), Nvidia (NASDAQ: NVDA) and Broadcom (NASDAQ: BRCM) were other gainers in the chip sector.
The broader market rose as the Federal Reserve left interest rates low while noting stabilization in the job market and improvement in equipment and software spending.
Google (NASDAQ: GOOG) and Baidu (NASDAQ: BIDU) were mixed as traders fretted about the future of Google’s business in China.
The Nasdaq and S&P gained 0.7 percent to their highest highs levels in a year and a half, while the Dow tacked on 0.4 percent.