U.S. stocks rebounded Wednesday after a strong quarterly report from Microsoft as investors await results from a Federal Reserve meeting expected to set the tone for 2022.
The Dow Jones Industrials popped 310.53 points to 34,608.25.
The S&P 500 recovered 62.11 points, or 1.4%, to 4,418.56.
The NASDAQ roared ahead 284.98 points, or 2.1%, to 13,824.28.
All three major indexes are negative in January. The NASDAQ is in correction territory, down more than 14% from its intraday high.
Shares of Microsoft rose 4% after the company issued better-than-expected quarterly revenue guidance, boosting the three major indexes.
Technology shares gained following Microsoft's earnings report. Apple, Amazon, Netflix and Nvidia all traded higher. Tesla shares added 3.3%, with the electric vehicle marker slated to report earnings after the bell.
Corning popped 13%, the top gainer on the S&P 500, after the company's quarterly earnings and revenue topped Wall Street estimates.
On the downside, Boeing fell 3.9% after the aircraft maker reported positive cash flow for the first time since 2019, but it took a $3.5-billion pre-tax charge on its 787 Dreamliner program.
The Fed is set to conclude its two-day policy meeting Wednesday and make an announcement in the afternoon. The central bank is not expected to make any policy changes, but investors will look for clues on when — and by how much — the Fed will raise interest rates later this year.
Market participants will also look for hints on further steps the Fed will take to unwind pandemic-era aid.
Prices for 10-year Treasurys were lower, raising yields to 1.79% from Tuesday's 1.78%. Treasury prices and yields move in opposite directions.
Oil prices gained $2.06 to $87.66 U.S. a barrel.
Gold prices tumbled $20.30 to $1,832.20 U.S. an ounce.