Wednesday's afternoon trade: S&P hits new high in broad rally, Wall Street up 1 percent

The S&P 500 rose to a historic high on Wednesday as US stocks advanced 1 percent in a broad rally, with technology shares among the strongest of the day. The S&P 500 broke past its previous all-time intraday high of 1,576.09, which was set on October 11, 2007, rising as high as 1,587.80. The Dow hit yet another intraday milestone, rising as high as 14,817.06.
Gains were broad, with all but two of the S&P's 10 primary sectors up more than 1 percent. About three-fourths of stocks traded on both the New York Stock Exchange and Nasdaq were higher on the day. Tech was the day's strongest group, with the S&P technology sector up 1.8 percent. The group was lifted by strong results at Adtran Inc, which jumped 12.6 percent to $22.19 and boosted peer companies. JDS Uniphase Corp added 5.7 percent to $14.11 while Juniper Networks Inc rose 5.4 percent to $18.97.
Also boosting the sector was Facebook Inc, which jumped 4.4 percent to $27.77. The Dow Jones industrial average was up 138.49 points, or 0.94 percent, at 14,811.95. The Standard & Poor's 500 Index was up 18.53 points, or 1.18 percent, at 1,587.14. The Nasdaq Composite Index was up 56.74 points, or 1.75 percent, at 3,294.60. With the gains, the S&P is now up 11.3 percent on the year while the Dow is up 13 percent.