By the end of trading, momentum had returned, and the S&P 500 rose 27.53 points, or 0.8%, to 3,363.00. The Dow Jones Industrial Average gained 329.04, or 1.2%, to 27,781.70, and the Nasdaq composite added 82.26, or 0.7%, to 11,167.51.
It was the last day of a strong quarter for the market, where the S&P 500 rallied 8.5% to follow up on its 20% surge in the spring. Continued support from the Federal Reserve helped drive the gains, as the central bank leaned further into the whatever-it-takes approach taken to support markets and the economy. After already cutting interest rates to nearly zero, the Fed said during the quarter that it may keep interest rates low even after inflation runs above its target level.
Other recent worries include rising tensions between the United States and China, as well as the uncertainties swirling around the upcoming U.S. elections.
On Wednesday, the S&P 500 careened between a gain of 0.1% and 1.7% for a total spread of 1.6 percentage points. That was typical for the month, marking the median for September. It's also twice as wide as the median over the last 10 years, 0.8 percentage points.
The tumult has come as the economy's strong rebound earlier this year following the easing-up of lockdowns has slowed. The number of layoffs has remained stubbornly high. A report from payroll processor ADP on Wednesday said hiring by private employers accelerated this month, with 749,000 jobs added versus economists' expectations for 605,000.
That raises hopes for the federal government's more comprehensive jobs report, which arrives on Friday. For that, economists had been expecting to see hiring slowed to 850,000 from 1.4 million in August.
This month's jobs report will take on even more importance than usual because it will be the final one released before Election Day in November.
Tuesday night's debate between President Donald Trump and the Democratic nominee, Joe Biden, was the first of this election season, and it amplified some of the market's concerns. Trump said it may take months to learn the election's results, and such a long period of uncertainty could make an already shaky market even more volatile.
In energy trading, benchmark U.S. crude lost 24 cents to $39.98 a barrel. Brent crude, the international standard, fell 8 cents to $40.95 a barrel.
The dollar inched down to 105.51 Japanese yen from 105.72 yen. The euro cost $1.1719, slightly higher than $1.1712.
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AP Business Writers Stan Choe and Damian J. Troise contributed.
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