The Dow and S&P 500 rose more than 1 percent to session highs on Wednesday, boosted by a surge in bank stocks following media reports on stress test results that suggested bank capital shortfalls might be less than previously expected.

But profit-taking weighed on technology shares, keeping the Nasdaq near break-even.

Bank of America jumped more than 18 percent to a session high of $12.84, while Citigroup climbed more than 17 percent to $3.88.

The Dow Jones industrial average <.DJI> was up 75.59 points, or 0.90 percent, at 8,486.24. The Standard & Poor's 500 Index <.SPX> was up 11.63 points, or 1.29 percent, at 915.43. The Nasdaq Composite Index <.IXIC> was down 3.03 points, or 0.17 percent, at 1,751.09.

(Reporting by Ellis Mnyandu; Editing by Padraic Cassidy)