Sector Update: Tech

Tech stocks were gaining in Friday afternoon trading, with the Technology Select Sector SPDR Fund (XLK) adding 1.5% and the SPDR S&P Semiconductor ETF (XSD) climbing 2.2%.

The Philadelphia Semiconductor index spiked 2.9%.

In corporate news, Alphabet GOOG shares jumped 10%, with the company breaching the $2 trillion market value mark after it reported a surge in Q1 earnings and sales. The company also said its board approved a quarterly cash dividend program and buyback of up to $70 billion in additional shares.