Stocks rose on Thursday, with the S&P 500 recovering from its worst day since September as the year-end rally resumed.
The Dow Jones Industrial Average gained 322.35 points, or 0.87%, to 37,404.35. Meanwhile, the Nasdaq Composite advanced 1.26% to 14,963.87.
The S&P 500 added 1.03% to 4,746.75. That places the broad market index about 1% from its closing high and 1.5% from its intraday record.
The S&P 500 advance was broad-based with more than 450 names rising in the index. Micron Technology was the best performer, jumping 8.6% after the memory chipmaker topped quarterly expectations, and offered current-quarter guidance that exceeded forecasts. Chip stocks rose broadly, with Intel and Advanced Micro Devices rising 2.9% and 3.3%, respectively.
Salesforce was among the leading advancers in the Dow, rising 2.7% following an upgrade from Morgan Stanley.
Wall Street is coming off a losing day when investors took profits after recent gains. On Wednesday, the Dow and Nasdaq registered their worst sessions since October, each snapping nine-day winning streaks. Meanwhile, the S&P 500 posted its worst day since September.
"The stock market went from up to down pretty fast," said Rhys Williams, chief strategist at Spouting Rock Asset Management. "And so, I just think it was a technical correction after a very strong period of time."
From their late October closing lows through Thursday, the Dow and S&P 500 both jumped more than 15%. The Nasdaq Composite surged more than 18% over the same period.