NEW YORK (CNN/Money) - Stocks jumped Tuesday -- led by technology -- as investors welcomed a strong read on factory orders and Wal-Mart's upbeat June sales guidance.

As of 5:45 p.m. ET, Nasdaq and S&P futures pointed to a higher open Wednesday, when fair value is taken into account.

The Nasdaq composite (up 21.38 to 2,078.75, Charts) gained around 1 percent Tuesday.

The Dow Jones industrial average (up 68.36 to 10,371.80, Charts) and the broader Standard & Poor's 500 (up 10.55 to 1,204.99, Charts) index each saw smaller gains.

Treasury prices slumped, boosting yields on government debt. The dollar fell versus the euro and was flat versus the yen.

Higher oil prices and Treasury yields weighed on stocks at the open Tuesday, but the tone soon turned positive as investors focused on upbeat corporate news and a strong read on factory orders.

Tech led the advance, with the influential semiconductor sector particularly buoyant, thanks to gains in Intel and other active issues. Blue chips benefited from a surge in retail and oil services stocks.

"You would think that with oil so high, we would be seeing some pressure," said James Awad, chairman of Awad Asset Management. "But I think the strong read on factory orders turned things around, as it reassures people that the economy continues to strengthen."

And that's reassurance investors certainly need after a brutal first quarter for the market and a mixed second quarter.

Technically, Friday marked the first day of the third quarter and second half of the year, but few were around to act on it ahead of Monday's Independence Day holiday, when financial markets were closed.

As such, Tuesday became the de facto kickoff to the second half and seemed to bring out some new buyers, which tends to be typical. The start of the second half often brings new money into retirement funds, making the first full week of July often an upbeat one, according to Stock Trader's Almanac.

Stocks managed modest gains Friday at the end of a tough period last week as investors digested skyrocketing oil prices and the ninth consecutive interest-rate hike from the Federal Reserve.

While Tuesday's action was positive, Awad said that many investors are focused on the key events due later in the week, including the June jobs report and earnings from Alcoa, which marks the unofficial start of the earnings reporting period.

Second-quarter earnings for the S&P 500 are currently on track to rise about 7 percent versus the same period a year ago, the slowest growth in three years.

The Institute for Supply Management's read on the services sector of the economy is due Wednesday. The index likely fell to 58.9 in June, according to a consensus of economists surveyed by Briefing.com, down from 58.5 in May.

In corporate news, Wal-Mart Stores (up $1.52 to $49.80, Research) gained 3.1 percent, supporting the Dow, after the world's largest retailer forecast over the weekend that June sales at U.S. stores open a year or more would rise 4.5 percent versus a year earlier.

Amazon.com (up $1.17 to $34.08, Research) gained 3.5 percent after Legg Mason upgraded the online retailer to "buy" from "hold."

Apple Computer (up $1.48 to $37.98, Research) climbed after J.P. Morgan Securities lifted its third-quarter earnings forecast on the maker of PCs and iPods.

Intel (up $0.47 to $26.68, Research) led the list of semiconductor shares on the rise, helping to boost the Philadelphia Semiconductor (up 6.51 to 425.87, Charts) index, or the SOX, by nearly 1.6 percent.

Exxon Mobil (up $1.83 to $60.14, Research) and a variety of oil stocks rose in tune with the commodity, sending the Philadelphia Oil Services Sector (up $4.97 to $152.47, Research) index up 3.4 percent.

Boston Scientific (up $1.71 to $28.60, Research) jumped in active New York Stock Exchange trade after a judge ruled late Friday that Johnson & Johnson (down $0.10 to $64.85, Research) infringed on two patents related to its drug-coated stents.

Ford Motors (up $0.09 to $10.40, Research) was modestly higher after saying it will join rival General Motors (up $0.12 to $34.77, Research) in offering customers discounts equivalent to what employees receive.

On the downside, Alvarion (down $2.58 to $8.88, Research), an Israeli broadband wireless access provider, slumped 22 percent in unusually active Nasdaq trading after warning that its second-quarter financial results would miss estimates.

Investors welcomed a report showing that May factory orders rose 2.9 percent, just short of forecasts for a rise of 3 percent. Orders rose a downwardly revised 0.7 percent in April.

Market breadth was positive. On the New York Stock Exchange, winners beat losers nearly two to one as 1.37 billion shares changed hands. On the Nasdaq, advancers topped decliners two to one as 1.42 billion shares traded.

U.S. light crude oil for August delivery rose 84 cents to settle at $59.59 a barrel on the New York Mercantile Exchange, not far from the record close of $60.54 set for a nearby futures contract last week.

Treasury prices slipped, raising the yield on the 10-year note to 4.10 percent from 4.05 percent late Friday. Treasury prices and yields move in opposite directions.

In currency trading, the dollar fell versus the euro and was little changed versus the yen.

COMEX gold fell $4.90 to settle at $423.90 an ounce.