NEW YORK (TheStreet) -- Stocks added to gains mid-afternoon Monday as investors processed a range of data from the ISM Manufacturing Index to U.S. personal income on what it might mean for the Federal Reserve's rate hike timeline.

The S&P 500 was up 0.47%, the Dow Jones Industrial Average added 0.44%, and the Nasdaq gained 0.47%. The Volatility Index (VIX.X), otherwise known as the "fear index," trimmed gains after jumping more than 4% earlier.

The technology sector was the best performer on markets, led by Microsoft (MSFT) and Altera (ALTR). Microsoft added 1.5%, caught up in a broader tech rally. The tech giant announced it will release its new operating system, Windows 10, on July 29. 

Altera jumped after Intel (INTC) announced it was buying the chipmaker for $54 a share, or $16.7 billion in cash. Intel fell 1.7%, the worst performer on the Dow, while Altera climbed nearly 6%. Click here for more.

GoPro (GPRO) rallied as the action camera maker announced the availability of its new Hero+ LCD camera, which is $100 less than its Hero4Silver model. The camera includes a touch display and a new in-camera video trimming feature. Click here for more.

The ISM Manufacturing Index increased to 52.8 in May from 51.5 in April, above estimates of 51.8. That marked its highest level since February. Separately, construction spending increased 2.2% compared to an expected 0.7% gain.

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