The Dow Jones Industrial Average jumped 464.28 points, or 1.46 percent, to 32,297.02. The S&P 500 rose 23.37 points, or 0.60 percent, to 3,898.81. The Nasdaq Composite Index decreased 4.99 points, or 0.04 percent, to 13,068.83.
Ten of the 11 primary S&P 500 sectors ended in green, with energy up 2.63 percent, leading the gainers. Technology lost 0.4 percent, the lone declining group.
U.S.-listed Chinese companies traded lower, with all the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on a downbeat note.
The U.S. House of Representatives on Wednesday approved the final version of the 1.9-trillion-U.S.-dollar COVID-19 relief bill, sending it to President Joe Biden's desk for his signature.
The legislation, known as American Rescue Plan Act of 2021, includes a new round of up to 1,400 dollars of direct payments for most Americans, 350 billion dollars for state and local governments, as well as funding to directly combat the pandemic. It also extends an additional 300-dollar weekly federal unemployment benefit through September.
Elsewhere, a newly-released a report on the U.S. consumer price index (CPI) showed inflation stayed tame in February.
The CPI rose by 0.4 percent last month, in line with expectations, said the U.S. Bureau of Labor Statistics on Wednesday, but the core CPI, or the CPI excluding food and energy, rose just 0.1 percent.
On a year-on-year basis, the CPI rose from 1.4 percent to 1.7 percent, while the core CPI fell from 1.4 percent to 1.3 percent, showed the report.
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