Dow gains 1%, S&P 500 above 50-day average

Stocks rebound after the five days of heavy losses

US stocks extended gains on Wednesday, pushing the Dow average up more than 1% as the market rebounded after five days of heavy losses on the S&P 500 brought the benchmark index down more than 4%.

The S&P 500 was trading above its 50-day moving average after closing below it Tuesday for the first time since December.

The Dow Jones Industrial Average was up 119.40 points, or 0.94%, at 12,835.33, after rising more than 1%. The Standard & Poor's 500 Index was up 15.19 points, or 1.12%, at 1,373.78. The Nasdaq Composite Index was up 37.59 points, or 1.26%, at 3,028.81.