Technology Select Sector SPDR ETF Up By 0.6% As Tech Stocks Rally

The tech stocks have been performing well since the market opened a few hours ago, and that has reflected in the Technology Select Sector SPDR ETF (XLK).

XLK Surges By 0.64%

The shares of the Technology Select Sector SPDR ETF (XLK) are up by more than 0.6% today, thanks to the excellent performance put forward by some of the leading tech stocks. The ETF could rally higher over the coming days if the market maintains the momentum.

Overstock.com (OSTK) rose by more than 6.5% earlier today despite a year-on-year drop in quarterly revenue. Also, Mimecast (MIME) rallied 7% after The Wall Street Journal reported that the software developer is currently considering strategic options, including a massive investment or the sale of the company.

Meanwhile, Nokia (NOK) was nearly 4% higher earlier today after the Finnish telecommunication equipment company recorded excellent Q3 earnings results and maintained its full-year sales outlook.

The Technology Select Sector SPDR Fund (XLK) is a fund that invests in public equity markets in the United States. The ETF focuses on the stocks of companies operating in the information technology sectors. XLK invests in growth and value stocks of companies with varying market caps.

As much as possible, the XLK fund seeks to track the performance of the S&P 500 and the Technology Select Sector Index by using the full replication technique.

XLK Is Up By More Than 20% YTD

The Technology Select Sector SPDR Fund is currently one of the best-performing sector stocks in the United States. Year-to-date, XLK is up by 22.5%, and it is only outperformed by the Financial Services ETF (XLF), the Real Estate ETF (XLRE) and the Energy ETF (XLE).

At the time of writing, XLK is up by more than 0.73% and is trading at $160 share. The fund could rally higher as tech stocks on NASDAQ and the NYSE continue to perform excellently in recent weeks.