After Tuesday's last minute collapse, investors on Wednesday had to wait until the closing bell to see if a market rally could hold.
And a rally it was. The Dow Jones industrial average closed up more than 600 points to end at 16,285.51. The last time the index closed up over 500 points was back in November 2008.
The S&P 500 also came out of a correction from its May high when it ended up 3.9 percent.
Here are some more market stats from the trading session:
- The iShares Biotech ETF finished the day up 5.1 percent , its best day since August 9, 2011
- The S&P tech sector ended up 5.3 percent, its best day since March 23, 2009
- The gain in the Dow is third biggest all-time gain on a point basis (the only bigger gains at this point are from October 2008)
- The Dow is still down 11.3 percent from its May 19 high
- The companies that contributed the most to the Dow's gains: Goldman Sachs , Apple , IBM , Nike and 3M
- The Nasdaq had its best day since August 2011 as it closed up 4.24 percent, nearly wiping out this week's losses (The Nasdaq was still down 10.2 percent from its July high)
- S&P sectors out of correction: staples, consumer discretionary, health care, financials, tech (telecom, industrials, utilities, materials, and energy remain in correction or worse)
—CNBC's Gina Francolla, Christopher Hayes and Evelyn Cheng contributed to this report.