03:44 PM EDT, 06/12/2024 (MT Newswires) -- Tech stocks gained late Wednesday afternoon with the Technology Select Sector SPDR Fund (XLK) climbing 2.1% and the SPDR S&P Semiconductor ETF (XSD) adding 1.9%.

The Philadelphia Semiconductor index added 2.1%.

In corporate news, Ciena (CIEN) shares spiked 5.6% after Morgan Stanley upgraded the company's stock to overweight from equalweight while raising its price target to $55 from $53.