Wednesday's midday trade: Wall Street rebounds after five-day decline

US stocks rose on Wednesday, bouncing back after five days of sharp losses that pushed the S&P 500 and the Nasdaq below their key technical levels. Sectors linked with economic growth led the way higher as their recently beaten-down prices made them attractive to bargain hunters. The S&P financial sector index rose 1.6 percent. Bank of America gained 3.5 percent to $8.84.
On Tuesday, the S&P 500 closed below its 50-day moving average for the first time since December, and the level provided technical resistance in Wednesday's rebound. The S&P's 50-day moving average is now near 1,373, close to today's session high. Alcoa Inc shares rose 7.7 percent to $10.03 a day after the Dow component reported a first-quarter profit instead of a loss that Wall Street was expecting, easing concerns about a weak earnings season.
The Dow Jones industrial average was up 94.53 points, or 0.74 percent, at 12,810.77. The Standard & Poor's 500 Index was up 11.68 points, or 0.86 percent, at 1,370.27. The Nasdaq Composite Index was up 29.10 points, or 0.97 percent, at 3,020.32. Tuesday marked the S&P 500's largest daily percentage in four months.