Tech Leads Stock Surge

Roughly 5.35 billion shares traded on the New York Stock Exchange, with advancers topping decliners by a 12-to-5 margin. About 3.54 billion shares changed hands on the Nasdaq, as winners outpaced losers 2 to 1.

The embattled financial sector, the biggest part of the S&P 500, also was in recovery mode Wednesday, despite a late-session hiccup in shares of Goldman Sachs (GS Quote - Cramer on GS - Stock Picks).

The Nasdaq Financial 100 Index added 2.6%, the NYSE Financial Sector Index was up 2.2%, and the KBW Bank Index was higher by 1.8%.

The financial stocks' gains came as investors worried about the credit markets were somewhat soothed by the Federal Reserve's statement Tuesday, which acknowledged recent credit market tightness but maintained that inflation remains the biggest threat to the economy.

The Dow fluctuated after the statement, but ultimately the index ended Tuesday's session higher by 35.32 points, or 0.26%, to 13,504.30. The S&P 500 rose 9.04 points, or 0.62%, to 1476.71, while the Nasdaq Composite climbed 14.27 points, or 0.56%, to 2561.60.

"Post-Fed, the market seems to be a lot calmer," said Peter Cardillo, chief market economist with Avalon Partners. "Yesterday's announcement was what the market really needed to hear. Things are being monitored, but they're not bad."

Besides Cisco, Sprint Nextel (S Quote - Cramer on S - Stock Picks) beat estimates and offered guidance that was ahead of expectations. Sprint started higher but pulled back, ending lower by 45 cents, or 2.2%, to $19.77.

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