Stocks rose on Wednesday, building on the momentum seen late in the previous session, as the surge in oil prices pulled back following developments in the U.S.-Israeli war on Iran and fears about a U.S. economic growth scare faded.

The Dow Jones Industrial Average added 238.14 points, or 0.49%, to close at 48,739.41. The 30-stock index snapped a three-day run of losses. The S&P 500 gained 0.78% and ended at 6,869.50, while the Nasdaq Composite moved 1.29% higher and settled at 22,807.48.

Technology stocks supported the broader market, particularly those in the chips space. Micron Technology and Advanced Micro Devices each advanced more than 5%. Broadcom and Nvidia climbed more than 1% apiece.

A couple of strong economic data releases bolstered sentiment among investors Wednesday.

SPI up 95 - Gold recovers - Trade numbers later

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