The S&P 500 rose 1.18% to 1,587.04 in afternoon trading Wednesday.
The Dow Jones industrial average was up 0.96% to 14,814.35, while the Nasdaq was up 1.75% to 3,294.39.
The yield on a 10-year Treasury bond rose 2.23% to 1.79%.
The price of gold was off 1.75% to $1,559 per ounce.
Shares of Irvine chipmaker Broadcom Corp. were up 2% to $34.43 for a market value of $19.57 billion. TheStreet earlier this week reiterated its “buy” rating on the company.
Irvine disk drive maker Western Digital Corp. continued its climb this week, up about 4% to $53.67. The company is up 7% so far this week to a market value of $12.92 billion.
Newport Beach patent licensing company Acacia Research Corp.'s shares rose about 3% to $29.94 after the company announced that one of its subsidiaries acquired a portfolio of more than 40 microprocessing and memory patents. Acacia had a recent market value of $1.48 billion.
Shares of Irvine medical device maker Masimo Corp. were up about 6% to $20.20, a day after financial services firm Janney Montgomery Scott LLC initiated coverage on the company with a “buy” rating. Masimo announced earlier this week announced the adoption of its patient monitoring system Patient SafetyNet at East Tennessee Children's Hospital. Masimo had a recent market value of $1.16 billion.
Shares of Irvine-based real estate investor Sabra Health Care REIT Inc. rose about 5% to $30.44 after equity researcher Sidoti & Co. LLC initiated coverage with a “buy” rating on the company’s stock. Sabra had a recent market value of $1.14 billion.
Huntington Beach-based action sports apparel maker Quiksilver Inc. rose about 3% to $6.43 for a market value of $1.07 billion. Its shares are up 42% so far this year.
Shares of Anaheim-based Pacific Sunwear of California Inc. rose about 8% to $2.44 on an upgrade from Piper Jaffray from "neutral" to "overweight." The retailer had a recent market value of $166.9 million