The Dow Jones Industrial Average increased 227.51 points, or 0.85 percent, to 26,870.10. The S&P 500 climbed 29.04 points, or 0.91 percent, to 3,226.56. The Nasdaq Composite Index was up 61.91 points, or 0.59 percent, to 10,550.49.
All the 11 primary S&P 500 sectors rallied, with industrials and energy up 2.11 percent and 1.89 percent, respectively, outpacing the rest.
U.S.-listed Chinese companies traded mostly higher, with six of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on an upbeat note.
On the corporate side, Moderna shares surged 6.9 percent. The U.S. biotechnology firm on Tuesday said its coronavirus vaccine produced a robust immune response, or neutralizing antibodies, in all 45 patients in its early stage human trial. And the company was reportedly to start its final clinical trial for COVID-19 vaccine in late July.
Earnings season kicked off this week with bank giants among the earliest to report results.
Goldman Sachs on Wednesday reported quarterly numbers that easily topped analyst expectations, sending the stock up 1.35 percent at the close.
The results came one day after JPMorgan Chase delivered better-than-anticipated earnings. Citigroup posted mixed results on Tuesday, while Wells Fargo posted a 2.4 billion U.S. dollars of loss in the second quarter.
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