(CNBC) — U.S. stocks closed sharply higher on Wednesday, partly recovering from the worst start to September in 13 years, as investors eyed calmer global markets, domestic data, and oil prices.
The major averages rallied more than 1.5 percent in the close to end near session highs, with the Nasdaq composite outperforming with gains of 2.46 percent to pull out of correction territory.
The S&P 500 also closed higher out of correction territory, while the Dow Jones industrial average remained in correction. The blue chip index ended three straight days of losses with a gain of 293 points. Apple surged 4.29 percent and Microsoft leaped 3.68 percent to lead nearly all blue chips higher, while information technology led all S&P sectors higher.
Advertisement - story continues below