The S&P 500 soared 2.5 percent as traders shrugged off the specter that a new deficit fight between Democrats and Republicans was just weeks away to go on a buying spree.

At the close the Dow Jones Industrial Index gained 286.87 points (2.19 percent) at 13,391.01.

The broad-based S&P 500 added 36.23 (2.54 percent) at 1,462.42, while the Nasdaq outperformed with a 92.75 point gain, or 3.07 percent, to 3,112.26.