Wall Street jumped on Wednesday, bringing the S&P 500 Index within reach of its February all-time high. Wednesday's rally of technology and health-care sectors uplifted the broader market, with the Nasdaq outperforming from the ongoing tech rally and the Dow rising nearly 300 points. Yet, the future of market growth is still waiting on more federal economic relief as well as a lessoning of coronavirus infections across the United States. Lawmakers in Congress have reached another impasse in the passage of the new coronavirus stimulus package, with Speaker of the House Nancy Pelosi stating that both sides of the aisle are "miles apart," in an interview with MSNBC on Wednesday.

Moreover, Federal Reserve Bank of Boston President Eric Rosengren stated on Wednesday in prepared remarks to the South Shore Chamber of Commerce that fiscal and monetary stimulus "cannot fully offset the economic drain caused by the public health crisis."

"Limited or inconsistent efforts by states to control the virus based on public health guidance are not only placing citizens at unnecessary risk of severe illness and possible death--but are also likely to prolong the economic downturn," Rosengren added.

Here's how the market settled on Wednesday:

S&P 500 Index (SPY  ): +1.40% or +46.64 points to 3,380.33

Dow Jones Industrial Average (DIA  ) +1.05% or +289.64 points to 27,976.55

Nasdaq Composite Index (QQQ  ): +2.13% or +229.42 points to 11,012.24

For Major Stock News, Tech shares--Amazon (AMZN  ), Apple (AAPL  ), Facebook (FB  ), Google (GOOGL  ), Microsoft (MSFT  ) and Netflix (NFLX  )--shook off Tuesday's sell off, rebounding on Wednesday to push the Nasdaq towards its all-time high. Conversely, investors moved away from reopening trades, plunging cruise line stocks lower: Carnival (CCL  ), Norwegian (NCLH  ), Royal Caribbean (RCL  ). Moderna (MRNA  ) shares climbed higher after the biotech scored a contract with the U.S. government for 100 million doses of its potential coronavirus vaccine. Tesla (TSLA  ) shares rose higher after the company announced late Tuesday a 5-for-1 stock split to make its common stock more accessible.

For Stock Sector Performance, all but Financials -0.29% advanced during Wednesday's market rebound. The positive sector performance was as follows: Information Technology +2.31%, Health Care +1.72%, Consumer Discretionary +1.67%, Utilities +1.45%, Consumer Staples +1.34%, Real Estate +1.32%, Communication Services +1.25%, Materials +0.63%, Energy +0.53% and Industrials +0.36%.

For Commodities and Currency, the U.S. Dollar (UUP  ) fell from its one-week high due mostly to the extended deadlock over the financial stimulus in Washington. The dollar index was down 0.3% against other currencies on Wednesday. Crude oil prices rebounded from Tuesday's slump, with a drop in U.S. oil inventories propping up future demand despite the ongoing coronavirus pandemic. International benchmark Brent Crude (BNO  ) rose 2.1% to settle at $45.44 per barrel, while West Texas Intermediate increased 2.55% to $42.67 per barrel. Gold (GLD  ) prices also recovered from Tuesday, where prices fell as much as 6.2%. Spot gold gained 1.4% to settle at $1,937.42 per ounce, while futures climbed 0.1% to $1,949 per ounce.

For Thursday, market participants will be focused on the Labor Department's weekly jobless claims report.