(CNBC) — Stocks rose sharply on Wednesday, continuing a strong start to September for the market as traders took profits out of high-flying names like Apple and Tesla and snapped up shares in more beaten-down parts of the market.
The Dow Jones Industrial Average advanced 454.84 points, or 1.6%, to close at 29,100.50. It was the Dow’s first close above 29,000 since February. The S&P 500 gained 1.5% to end the day at 3,580.84 while the Nasdaq Composite was higher by 1% at 12,056.44.
Both the S&P 500 and Nasdaq hit record highs, with the Nasdaq topping 12,000 for the first time. The Dow also posted its biggest one-day move since July 14. The S&P 500 had its best day since July 6.