The Dow Jones Industrial Average jumped 435.98 points, or 1.40 percent, to 31,581.28. The S&P 500 climbed 71.68 points, or 1.83 percent, to 3,979.87. The Nasdaq Composite Index increased 246.99 points, or 2.14 percent, to 11,791.90.
Ten of the 11 primary S&P 500 sectors ended in green, with utilities and consumer discretionary up 3.14 percent and 3.08 percent, respectively, outpacing the rest. Energy fell 1.16 percent, the lone declining group.
The rebound followed a recent sell-off on Wall Street, which saw the tech-heavy Nasdaq log a seven-day losing streak as of Tuesday, as investors worried about Federal Reserve's aggressive rate-hiking campaign and its implications.
Fed officials continued to reiterate their commitment to raising rates to tame inflation, though they remained vague on how large any potential upcoming rate hike would be.
The Fed is set to meet on Sept. 20-21. The markets are pricing in a 76 percent chance of a 75 basis point move at the Fed's September meeting, up from 73 percent on Tuesday, according to the CME FedWatch tool.
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