U.S. stocks rebounded strongly on Wednesday on positive job data after severe sell-offs on renewed European concerns.
The Dow Jones industrial average gained 178.08 points, or 1.53 percent, to 11,836.04. The Standard & Poor's 500 was up 19.62 points, or 1.61 percent, to 1,237.90. The Nasdaq Composite Index rose 33.02 points, or 1.27 percent, to 2,639.98.
The Federal Reserve announced Wednesday to hold the monetary policy steady with no additional measure after two-day monetary policy meeting. The decision was in line with the markets' expectations, and the Fed's move also helped to ease the concerns about the U.S. dollar's decline if new easing policy was launched.
On economic front, Automatic Data Processing reported that 110,000 jobs were added to the private sector in October, showing that the situation of private sector employment has improved.
In Europe, Germany and France said on Wednesday that Greece should make up its mind by mid-December over whether it wants to stay in the eurozone after Athens announced it will leave the fate of the bailout plan in the hands of voters.
"We maintained our neutral allocation as a result of lingering European sovereign debt concerns," said Sam Stovall, chief equity strategist of S&P Capital IQ.
He said S&P Capital IQ believed the eurozone situation remained unsettling and ephemeral, and has reignited global risk aversion.
The dollar fell against major currencies in late New York trading on Wednesday amid the Fed's decision. Meanwhile, U.S. crude oil price edged up on Wednesday after choppy trading as the dollar weakened.
Light, sweet crude for December delivery rose 32 cents, or 0.35 percent to settle at 92.51 dollars a barrel on the New York Mercantile Exchange. In London, Brent crude for December delivery fell slightly 20 cents to close at 109.34 dollars a barrel.
