Stocks closed higher Wednesday, helped by an upbeat start to earnings season and the Fed's latest Beige Book report, giving investors a chance to breathe a sigh of relief following a string of declines.
The Dow Jones Industrial Average rallied 89.46 points, or 0.70 percent, to close at 12,805.39, led by Alcoa and Bank of America.
The S&P 500 gained 10.12 points, or 0.74 percent, to end at 1,368.71, but closed below the 1,370 technical level for the second day. The Nasdaq advanced 25.24 points, or 0.84 percent, to finish at 3,016.46.
The CBOE Volatility Index, widely considered the best gauge of fear in the market, ended near 20.
All S&P sectors ended in positive territory, led by financials.
Despite the day's gains, some strategists warned that the rally may be fragile.
“The market’s run on expectation and sentiment—the data isn’t there to support the gains we’ve seen so far,” Michael Yoshikami, founder and CEO of Destination Wealth Management Advisors told CNBC's Power Lunch . “I think it’s time, at least for the short-term, to take some risk off the table…The market’s run about as far as it can run without getting more positive news.”
Still, others advised investors to buy the recent market dip.Page 1 of 5 | Next Page