01:52 PM EST, 12/23/2024 (MT Newswires) -- Tech stocks were higher Monday afternoon, with the Technology Select Sector SPDR Fund (XLK) adding 0.9% and the SPDR S&P Semiconductor ETF (XSD) rising 1.9%.

The Philadelphia Semiconductor index climbed 2.9%.

In corporate news, Xerox (XRX) shares rose over 8% after the company said it will buy laser printer and imaging products manufacturer Lexmark International in a deal worth $1.5 billion, including debt and other liabilities.

Cyngn ( CYN ) shares surged 51% after the company said it has closed a $20 million offering of common units.

Rumble (RUM) shares soared 102% after it said it agreed to a $775 million investment from cryptocurrency firm Tether.