S&P 500 rallies, closes just shy of its record closing high

(CNBC) — Stocks rose sharply on Wednesday, putting the S&P 500 just below its all-time highs set in February, as shares of the major tech companies recovered some of their steep losses from the previous session.

The S&P 500 gained 1.4%. In the final hour of trading, the broader market index briefly traded above its record closing high of 3,386.15. The index also ended the session just 0.4% shy of its intraday all-time high.

The Dow Jones Industrial Average jumped 289 points, or 1.1%. The Nasdaq Composite outperformed, rallying 2.1%.

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