01:38 PM EST, 03/06/2024 (MT Newswires) -- Tech stocks advanced Wednesday afternoon with the Technology Select Sector SPDR Fund (XLK) rising 1.1% and the SPDR S&P Semiconductor ETF (XSD) jumping 3.5%.

The Philadelphia Semiconductor index rose 2.8%.

In corporate news, Palantir Technologies ( PLTR ) shares rose 11% after the US Army awarded a subsidiary, Palantir USG, a $178.4 million contract to lead in the development of 10 ground station Targeting Intelligence Targeting Access Node prototypes and related technology.