Cisco Systems (NASDAQ:CSCO) led telecom stocks higher midday, while retailers were also actively traded.
The S&P Telecom Sector index rose about 1.4% at 11:25 AM ET (15:25 GMT).
Shares of Cisco rose about 4.5%. The company reported quarterly results that beat on the top and bottom lines. In addition, Cisco raised its guidance for its fiscal first quarter.
Cisco said its investment in software ventures to boost its margins and transition from its legacy switch business was paying off.
Other strong performers in the sector index include Viavi Solutions (NASDAQ:VIAV), up about 5%, Frontier Communications (NASDAQ:FTR), which gained about 3%, and CenturyLink (NYSE:CTL), up about 3%.
Meanwhile, shares of Walmart (NYSE:WMT) jumped nearly 10%, also on strong earnings.
Other gainers in the retail sector included Target (NYSE:TGT), up about 1.4%, Amazon (NASDAQ:AMZN), which rose about 1% and Costco Wholesale (NASDAQ:COST), which gained about 0.5%.
But JC Penney (NYSE:JCP) plunged about 22% as same-store sales came in lower than expected.
