NEW YORK: US stocks rose on Wednesday as a slew of positive earnings updates and hopes for assurances of continued support from the Federal Reserve overshadowed concerns about next steps for the government's coronavirus relief plan.

Advanced Micro Devices Inc jumped 12.4% after the chipmaker raised its full-year revenue forecast. Its shares were among the top boosts to the S&P 500 and Nasdaq.

The Philadelphia chip index rose 1.8%.

Starbucks Corp climbed 4.1% after the coffee chain said business was "steadily recovering" worldwide and it would return to profitability in the current quarter.

Of the 163 S&P 500 firms that have reported results, 79.1% have surpassed a low bar of quarterly profit expectations, according to Refinitiv IBES data.

At 12:43 p.m. ET, the Dow Jones Industrial Average was up 102.99 points, or 0.39%, at 26,482.27, the S&P 500 was up 29.70 points, or 0.92%, at 3,248.14. The Nasdaq Composite was up 113.14 points, or 1.09%, at 10,515.23.