Investing.com - It wasn’t going to be anything other than tech stocks driving the market midday Tuesday after Alphabet’s stellar earnings report.
Google’s parent blew away Wall Street expectations on the top and bottom lines after the bell Monday. A decline in traffic-acquisition costs was a boon to the company in the second quarter.
Shares of Alphabet A (NASDAQ:GOOGL) rose about 4% at 11:55 AM ET (15:55 GMT).
Alphabet was the top percentage gainer in the S&P Information Technology Sector index, which was up about 0.8%.
Other notable gainers at midday include PayPal (NASDAQ:PYPL), up 2.1% and Facebook (NASDAQ:FB), which gained 1.3%. Chipmakers rebounded from Monday weakness, with Intel (NASDAQ:INTC) climbing 0.5% and NVIDIA (NASDAQ:NVDA) moving 0.4% higher.
Also adding support in the sector was Verizon (certainly telecom, but also info tech with its Yahoo! and AOL subsidiaries). Verizon (NYSE:VZ) stock rose 0.8% after reporting better-than-expected earnings and a jump in subscribers.
AT&T (NYSE:T) was also higher, rising 1.4%, ahead of its earnings report after the bell today. It, too, is expanding from telecom following its blockbuster acquisition of Time Warner.