Update: Equity Markets Rise Intraday as Tech Advances

(Updates with latest market prices and developments.) US benchmark equity indexes were higher intraday as the technology sector advanced, led by semiconductor stocks. The Nasdaq Composite was up 1.2% at 26,141.8 after midday Monday, while the S&P 500 rose 0.7% to 7,536.5. The Dow Jones Industrial Average edged up 0.1% to 52,952.5, after briefly staying above 53,000 for the first time ever earlier in the session. US markets were closed Friday in observance of the Independence Day holiday, which fell on a Saturday this year. Among sectors, tech paced the gainers intraday Monday, while consumer staples saw the steepest decline. In company news, Advanced Micro Devices (AMD) shares were up 7.2%, the second-top gainer on the S&P 500, as Goldman Sachs raised its price target on the stock to $640 from $450. Qualcomm (QCOM) and On Semiconductor (ON) were also among notable gainers on the S&P 500, while Nvidia (NVDA) also moved higher. Cisco Systems (CSCO) shares rose 1.7%, among the Dow's best performers. IBM (IBM) was the best performer on the Dow, up 3.2%. The computer and software company is expected to post a solid second quarter and modestly raise its full-year guidance,.