AMD, AutoDesk Lead Tech Rally Midday; Visa Powers Dow

© Reuters. Visa was the Dow's biggest gainer midday.© Reuters. Visa was the Dow’s biggest gainer midday. – Technology stocks remained the driving force for Wall Street midday, although the indexes were coming off their strong early gains.

The S&P Information Technology index rose about 2% at 12:10 AM ET (17:10 GMT).

Autodesk (NASDAQ:) rebounded after seeing some serious selling that started around the beginning of the month. It was the leading component of the index, jumping about 4.5%.

Another beaten-down name, semiconductor company Advanced Micro Devices (NASDAQ:), rose about 3.2%. AMD, the high flyer in the chip sector, had been slumping since the end of September.

Payment companies also pushed the index higher.

Dow component Visa (NYSE:) gained 3.5%, while Mastercard (NYSE:) rose 3.8% and PayPal (NASDAQ:) rallied 3.1%.

Meanwhile, utilities stocks were among the laggards as Treasury yields resumed their rise. The yield on the was back around 3.15%.

The S&P Utilities sector index fell about 0.25%.

Among the biggest drags on the index were NiSource (NYSE:), down about 1%, and Consolidated Edison (NYSE:), off around 1%.

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