Midday Report: Applied Materials Leads Tech; U.S. Stocks Jump

U.S. stocks jumped higher on Friday as the two-day intense focus on the Federal Reserve and its rate hike plans began to ease. Wall Street has been under pressure for much of the week as investors digested the increased likelihood of a June rate hike. Applied Materials (AMAT) - Get Report led the tech sector higher after beating second-quarter estimates and reporting a double-digit boost in orders. The chipmaker also forecast quarter-on-quarter sales growth for its current three-month period far higher than estimated. Sales of previously owned homes increased nearly two percent in April, a faster pace than analysts had expected. A housing shortage and higher prices continues to strain the market, though demand remains robust. Deere & Co. (DE) - Get Report fell after reporting a challenging second quarter. TheStreet's Keris Lahiff reports from Wall Street.