CORRECTED-US STOCKS-Wall St gains; S&P 500 sets record intraday high

miércoles 4 de junio de 2014 16:46 GYT

(Corrects 3rd paragraph to say Philadelphia semiconductor index rose to 12-year high, not 14-year high)

* ISM services report strong, but ADP jobs report weak

* Many investors worry about low volume and volatility

* Dow up 0.1 pct; S&P 500 up 0.2 pct; Nasdaq up 0.4 pct

By Angela Moon

NEW YORK, June 4 (Reuters) - U.S. stocks rose on Wednesday, with the S&P 500 hitting another intraday record high as investors brushed off weaker-than-expected labor market data and focused on an acceleration in services-sector growth.

But with the Dow and the S&P 500 near record levels, volume continued to be light ahead of the European Central Bank meeting on Thursday and the U.S. government's May nonfarm payrolls report on Friday.

Semiconductors ranked among the day's biggest gainers. The Philadelphia semiconductor index, known as the SOX, rose 0.3 percent, down from a 12-year high touched earlier on Wednesday. Many market participants, however, are becoming concerned about the sector, with the index is up for the 10th straight session and up 14 percent for the year so far.

Key semiconductor markets like industrials and autos are likely to face slow demand in the second half of the year, according to a Goldman Sachs research note. The note also pointed out that inventories are building and the sector's valuation is no longer attractive.   Continuación...