NEW YORK (TheStreet) -- Stocks extended gains by mid-afternoon Wednesday, rebounding from Tuesday's selloff and undeterred by a higher dollar and lower oil.
The S&P 500 was up 0.84%, the Dow Jones Industrial Average rose 0.68%, and the Nasdaq gained 1.3%.
Energy was the only S&P 500 sector not engaging in a broad rally after West Texas Intermediate crude settled at its lowest level since April 28. The commodity was under pressure as the U.S. dollar continued its run higher on signs the Federal Reserve will hike rates as key international markets such as the eurozone introduce their own monetary stimulus. West Texas Intermediate crude closed down 52 cents to $57.51 a barrel.
High-momentum tech stocks were the best performers, getting caught up in a broad-based rally. Apple (AAPL) - Get Apple Inc. (AAPL) Report, Microsoft (MSFT) - Get Microsoft Corporation (MSFT) Report, Oracle (ORCL) - Get Oracle Corporation Report and IBM (IBM) - Get International Business Machines (IBM) Report each added more than 1%, while the Technology SPDR ETF (XLK) - Get Technology Select Sector SPDR Fund Report climbed 1.1%.
Broadcomundefined spiked 17% by mid-afternoon after The Wall Street Journal reported the company was in advanced talks to be bought by Avago Technologies (AVGO) - Get Broadcom Inc. Report. Avago popped 6%.
Markets finished in the red on Tuesday as signs of economic recovery from the housing sector and durable goods numbers exacerbated fears the Federal Reserve would hike rates sooner than expected. Click here for more.
Germany's DAX, France's CAC 40 and the FTSE 100 in London closed more than 1% higher after Greece's Prime Minister Alexis Tsipras said the country and its European creditors were close to a deal that would prove "positive for the Greek economy." The parties are reportedly at the stage of drafting a technical-level agreement, according to Reuters.
Michael Kors (KORS) was having a negative impact on fellow luxury goods companies. The luxury accessories brand plummeted more than 23% after issuing light first-quarter sales guidance of $930 million to $950 million, below an expected $1.09 billion. Fossil (FOSL) - Get Fossil Group, Inc. Report, Kate Spade (KATE) , Vera Bradley (VRA) - Get Vera Bradley, Inc. Report, Guess (GES) - Get Guess?, Inc. Report and Coach (COH) all were trading lower. Click here for more.
Tiffany (TIF) - Get Tiffany & Co. Report shares spiked nearly 12% on Wednesday after the jeweler earned 81 cents a share in its first quarter, down from 97 cents a year earlier though better than an expected 70 cents. Click here for more.
Toll Brothers (TOL) - Get Toll Brothers, Inc. Report was 2.3% lower after posting a mixed quarter. The homebuilder posted net income of 37 cents a share, 2 cents higher than expected, while revenue slipped 0.9% to $852.6 million and missed estimates. Click here for more.
Hormel Foods (HRL) - Get Hormel Foods Corporation (HRL) Report jumped 3.3% after acquiring organic brand Applegate for $775 million. The deal is expected to contribute 7 cents to 8 cents in earnings per share by 2016.
Shares of tobacco companies Reynolds (RAI) and Lorrillard (LO) were on watch after a planned acquisition was approved by the Federal Trade Commission. Reynolds must first sell its Winston, Kool, Salem and Maverick brands in order to purchase Lorrillard.