The Dow Jones Industrial Average climbed 416.33 points, or 1.29 percent, to 32,812.50. The S&P 500 increased 63.98 points, or 1.56 percent, to 4,155.17. The Nasdaq Composite Index was up 319.40 points, or 2.59 percent, to 12,668.16.
Ten of the 11 primary S&P 500 sectors ended in green, with technology and consumer discretionary up 2.69 percent and 2.52 percent, respectively, outpacing the rest. Energy slipped 2.97 percent, the lone declining group.
On the economic front, the Institute for Supply Management said Wednesday that its barometer of the U.S. services sector rose to 56.7 percent in July from 55.3 percent a month earlier. Economists polled by The Wall Street Journal had expected the index to drop to 54 percent.
The U.S. Commerce Department reported that U.S. factory orders rose 2 percent in June, beating market expectations.
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