The Dow Jones industrial average (INDU) added 187 points, or 1.5%, to close at 12,454. The blue-chip measure closed at its highest level since June 2008.
The S&P 500 (SPX) added 18 points, or 1.4%, to 1,330; and the technology-heavy Nasdaq Composite (COMP) rose 58 points, or 2.1%, to 2,803. It was the best single-day performance for the Nasdaq this year.
Wednesday's rally was all about tech earnings, with Intel, Yahoo and IBM all reporting solid results after the close on Tuesday.
A positive housing report added more fuel to the rally. The National Association of Realtors said existing home sales rose 3.7% in March, better than what economists had expected.
"Markets are looking at the earnings season in general, and even though the rate of growth isn't as great as last quarter, it's still trending the right way," said Frank Fantozii, president and chief executive of Planned Financial Services in Cleveland.
The dollar fell against the euro and the British pound but gained versus the Japanese yen. The dollar hit a 15-month low against the dollar.
Oil for June delivery settled up $3.17 to $111.45 a barrel.
Gold futures for June delivery settled up $3.80 at $1,498.90 an ounce after breaching a new intraday trading high of $1,506.20 earlier in the morning.
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