The S&P 500 rose 0.91% to 1,654.75 in afternoon trading Wednesday.
The Dow Jones Industrial Average was up 0.79% to 14,950.78, while the Nasdaq was up 1% to 3,648.74.
The yield on a 10-year Treasury bond rose 0.91% to 2.87%.
The price of gold slipped 1.71% to $1,387.90 per ounce.
Shares of Irvine-based Broadcom Corp. were up about 2% to $25.76 for a market value of $14.92 billion. The chipmaker said it plans to buy assets related to the long term evolution technologies of Japan-based Renesas Electronics Corp. LTE is the latest generation of mobile networking technology that allows access to the internet via cell phones or other handheld devices.
Aliso Viejo drugmaker Avanir Pharmaceuticals Inc. was up about 5% to $5.65 for a market value of $821.90, a day after it announced a settlement agreement with Actavis Inc. that allows Actavis to sell a generic of Avanir's NUEDEXTA drug in 2026. Avanir's shares were up as much as 7% in afternoon trading Tuesday on the news, but fell back down to close the day about flat.