The three major averages on Wall St notched their fourth gain in five sessions on Wednesday as investors again bet on a swift economic recovery from coronavirus-driven lockdowns and the potential for more stimulus measures from the Federal Reserve.

The S&P 500 stands at a two-month high and was briefly above its 100-day moving average, a closely watched technical indicator that has acted as a resistance level. The Nasdaq finished at its highest close in three months and was 4.5% below its Feb. 19 record close, as shares of Facebook Inc and Amazon.com Inc surged to all-time highs.

Gains were broad-based, with each of the 11 major S&P sectors turning higher. The small-cap Russell 2000 index, which usually leads gains out of a recession, outperformed the large-cap indexes.

Minutes from the Federal Reserve's most recent policy meeting showed the central bank pledged to act as appropriate to support the economy until it is on track to recovery, a sentiment that Fed Chair Jerome Powell has voiced in recent days.

"We have way lower interest rates for the foreseeable future, so that effects the multiple that we have to buy discounted stocks at," said Kim Forrest, chief investment officer at Bokeh Capital Partners in Pittsburgh. "And if you give yourself a little bit more time, is it crazy to think everything is going to come back in two years and you are going to hold it three to five years?"

Still, with economic data likely to be dismal in the coming weeks, there is concern that stocks may have gotten ahead of themselves, with the S&P up nearly 33% from its March 23 closing low.

The Dow Jones Industrial Average rose 369.04 points, or 1.52%, to 24,575.9, the S&P 500 gained 48.67 points, or 1.67%, to 2,971.61 and the Nasdaq Composite added 190.67 points, or 2.08%, to 9,375.78.

Lawmakers in the U.S. House of Representatives plan to vote next week on giving small businesses more time to utilize their coronavirus aid under the Paycheck Protection Program, House Speaker Nancy Pelosi said on Wednesday.

As states across the country begin to loosen restrictions, hopes for an economic rebound have grown. The NYSE Arca airlines index jumped 5.35% as Delta Air Lines Inc's chief executive officer said he was confident travel will return in the next 12 to 18 months.

Target Corp shares declined 2.87% after the big box retailer reported a 64% plunge in quarterly profit, as costs related to the coronavirus outbreak outweighed a surge in online sales.

Volume on U.S. exchanges was 10.68 billion shares, compared to the 11.36 billion average for the full session over the last 20 trading days.

Advancing issues outnumbered declining ones on the NYSE by a 4.23-to-1 ratio; on Nasdaq, a 3.70-to-1 ratio favored advancers.

The S&P 500 posted 14 new 52-week highs and no new lows; the Nasdaq Composite recorded 76 new highs and 10 new lows.

GLOBAL MARKETS

Crude prices rose and a gauge of global equities broke out of a three-week trading range on Wednesday as investors bet on a rapid recovery from the coronavirus-induced recession.

Oil prices climbed 3%-4% on signs of improving demand and a drawdown in U.S. crude inventories, while a surge in Facebook Inc and Amazon.com Inc to record highs lifted the Nasdaq to within 5% of its all-time peak.

U.S. Treasury yields were little changed and gold edged higher, but gains were limited as risk appetite improved.

The markets are expecting economic recovery sooner rather than later, though there is a risk the slowdown isn't as temporary as some think, said Michael Arone, chief investment strategist at State Street Global Advisors in Boston.

"There's a view that as the economy reopens there hasn't been, so far, a resurgence in the hospitalization rates and that perhaps some of the 'worst-ever' data that we've seen will soon be behind us," Arone said.

MSCI's gauge of stocks across the globe gained 1.36% to within 1 point of 500, after the benchmark was unable to climb past 495 the past three weeks.

The pan-European STOXX 600 index rose 0.98% to close just shy of a three-week high, led by the tech, chemicals and energy sectors.

On Wall Street, the Dow Jones Industrial Average rose 369.04 points, or 1.52%, to 24,575.9. The S&P 500 gained 48.67 points, or 1.67%, to 2,971.61 and the Nasdaq Composite added 190.67 points, or 2.08%, to 9,375.78.

Two-thirds of 223 fund managers surveyed by Bank of America reckon recent equity gains indicate a bear-market rally.

Federal Reserve policymakers re-upped a pledge to keep interest rates near zero until they are confident the U.S. economy is on track to recovery, a detailed summary of their most recent policy-setting meeting showed.

The 10-year Treasury notes fell 2.1 basis points to yield 0.6899%.

U.S. crude inventories fell by 5 million barrels last week, Energy Information Administration data showed, while Cushing, Oklahoma, stocks dropped by 5.6 million barrels.

U.S. crude futures rose $1.53 to settle at $33.49 a barrel, while Brent gained $1.10 to settle at $35.75 a barrel.

The euro extended gains on Monday's French-German proposal for a 500 billion euro common fund that could move Europe closer to a fiscal union.

The euro rose 0.51% to $1.0977 and the dollar index fell 0.382%. The Japanese yen strengthened 0.15% versus the greenback at 107.57 per dollar.

U.S. gold futures settled up 0.4% to $1,752.10 an ounce.