1:15 pm : The S&P 500 settled with a slim gain of 0.1% after shaking off its opening losses.

Stocks began the shortened session on a lower note as global events injected a degree of uncertainty into the market.

In Egypt, President Mohammed Morsi was removed from his post through a military coup after he failed to answer the demands of protesting crowds within the timeframe specified by the country's armed forces.

Elsewhere, Portugal returned to headlines after two key government officials (finance minister and foreign minister) submitted their resignations. In addition, reports indicate two more ministers (agriculture and social security) are set to follow suit. Prime Minister Pedro Passos Coelho is scheduled to meet with the country's president tomorrow to discuss the ongoing situation. As a result, the country's benchmark 10-yr yield spiked 85 basis points to 7.31%. In addition Portugal's PSI index fell 5.3%. The concerns regarding the country's future spilled over to other peripheral economies. Italy's 10-yr yield climbed 11 basis points at 4.51% while Spain's benchmark 10-yr yield jumped 14 basis points to 4.70%.

Equities fought back from their opening losses with the technology space pacing the advance. The sector ended with a gain of 0.6% as large components like Apple (AAPL 420.80, +2.31) and Oracle (ORCL 30.70, +0.60) provided notable support. Chipmakers also displayed strength as the PHLX Semiconductor Index added 0.3%.

The discretionary sector also outperformed the broader market. Homebuilders displayed broad strength and the iShares Dow Jones US Home Construction ETF (ITB 22.42, +0.16) added 0.7%.

On the downside, the renewed sovereign debt