(CNBC) -- Stocks staged a comeback on Wednesday as investors grew optimistic about a debt ceiling deal and bought into technology stocks.
The Dow Jones Industrial Average rose 102.32 points to 34,416.99, earning back a 459-point loss from earlier in the session. The S&P 500 advanced 0.4% to 4,363.55, after falling 1.27% at its session low. The technology-focused Nasdaq Composite rose 0.5% to 14,501.91, after dropping as much as 1.2%.
Stocks reversed course on news that Senate Minority Leader Mitch McConnell told a closed meeting of Republicans that he would offer a short-term debt ceiling extension later Wednesday. That would help relieve some pressure on Congress to avoid a U.S. default currently expected on Oct. 18.
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