NEW YORK (TheStreet) -- Stocks backed off session highs on Wednesday as a selloff among luxury goods companies undercut the S&P 500's positive run.

The S&P 500 was up 0.5%, the Dow rose 0.51%, and the Nasdaq gained 0.7%.

Michael Kors (KORS) was having a negative impact on fellow luxury goods companies. The luxury accessories brand plummeted more than 21% after issuing light first-quarter sales guidance of $930 million to $950 million, below an expected $1.09 billion. Fossil (FOSL), Kate Spade (KATE), Vera Bradley (VRA), Guess (GES) and Coach (COH) all were trading lower. 

High-momentum tech stocks were the best performers, getting caught up in a broad-based rally. Apple (AAPL), Microsoft (MSFT), Oracle (ORCL) and IBM (IBM) each added more than 1%, while the Technology SPDR ETF (XLK) climbed 0.91%. 

Tiffany  (TIF) shares spiked nearly 10% on Wednesday after the jeweler earned 81 cents a share in its first quarter, down from 97 cents a year earlier though better than an expected 70 cents. Click here for more.

Toll Brothers (TOL) was slightly lower% after posting a mixed quarter. The homebuilder posted net income of 37 cents a share, 2 cents higher than expected, while revenue slipped 0.9% to $852.6 million and missed estimates.

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