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S&P tech sector, Nasdaq 100 hit 14-year highs

A trader works on the floor of the New York Stock Exchange.
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A trader works on the floor of the New York Stock Exchange.

Technology led market gains on Wednesday as the S&P tech sector hit its highest level since November 2000 and the Nasdaq 100, another indicator of industry growth, reached a 14-year high.

The S&P tech sector is the only division of the index that traded at a 52-week high on Wednesday morning. Companies leading gains at 52-week highs included Qualcomm, Hewlett-Packard, EMC Corporation, Broadcom and Amphenol.

Programmable devices company Xilinx was the greatest laggard.

One analyst warned of a tech bubble.

"[It's a] tale of two worlds between old tech and new tech," said Chad Morganlander, portfolio manager at Stifel Nicolaus. "At this point of the market cycle I would avoid momentum stocks and move up the quality spectrum."

He added that new firms in the sector "can walk the walk, but valuations are too rich for my blood."

Check what markets are doing here.

S&P Sector
Price
% Chg.
YTD % Chg.
Information Technology 657.99 0.43 12.38
Energy 730.79 0.31 12.14
Utilities 216.28 -0.18 11.94
Health Care 718.52 0.67 11.87
Materials 316.11 0.41 8.39
Financials 309.88 0.3 5.15
Telecommunications Svcs. 163.02 0.04 4.82
Consumer Staples 462.13 0.13 4.41
Industrials 467.95 -0.08 3.42
Consumer Discretionary 534.87 -0.04 0.9
Source: CNBC Analytics * Data as of midday, July 23 2014

—By CNBC.com

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