Investors also shrugged off a downbeat report from Europe, which showed German factory orders unexpectedly fell in May, the first time in five months, as demand for goods from Europe's largest economy waned across the 16-nation euro region.
The Dow Jones industrial average soared 274.66 points, or 2.82 percent, to 10,018.28, the first time for the index to settle above 10,000 since June 28.
The Standard & Poor's 500 index jumped 32.21 points, or 3.13 percent, to 1,060.27 and the Nasdaq rallied 65.59 points, or 3.13 percent, to 2,159.47.
Wednesday's rally also marked the first two-day wining streak for all three major averages in more than two weeks.