The S&P 500 rose 0.56% to 1,678.49 in afternoon trading Wednesday.
The Dow Jones industrial average was up 0.59% to 15,477.93, while the Nasdaq was up 0.32% to 3,513.40.
The yield on a 10-year Treasury bond rose 3.76% to 2.02%.
The price of gold fell 0.25% to $1,374.20 per ounce.
Irvine homebuilder Standard Pacific Corp. was up about 4% to $9.68 for a market value of $3.36 billion.
Homebuilders were generally up Wednesday after Toll Brothers Inc. reported better-than-expected second-quarter results.
Irvine-based disk drive maker Western Digital Corp. continued its climb from yesterday, up about 2% to $61.85 for a market value of $14.62 billion. Western Digital is up 39.8% so far this year.
Foothill Ranch-based Wet Seal Inc. continued its rise from yesterday, up about 3% to $4.64 for a market value of $416.13 million. The teen and contemporary retailer's stock saw its rating raised by KeyBanc Capital Markets from "hold" to "buy" earlier this week and is up about 19% since the start of the year under new Chief Executive John Goodman.