Stocks extended gains on Wednesday, pushing the Dow average up more than 1 percent as the market rebounded after five days of heavy losses on the S&P 500 brought the benchmark index down more than 4 percent.

The S&P 500 was trading above its 50-day moving average after closing below it Tuesday for the first time since December.

The Dow Jones industrial average was up 119.40 points, or 0.94 percent, at 12,835.33, after rising more than 1 percent. The Standard & Poor's 500 Index was up 15.19 points, or 1.12 percent, at 1,373.78. The Nasdaq Composite Index was up 37.59 points, or 1.26 percent, at 3,028.81.

(Reporting By Caroline Valetkevitch; Editing by Theodore d'Afflisio)