U.S. stock indexes rose more than 1 percent on Wednesday, boosted by gains in materials and technology shares and after Spain unveiled an austerity plan that further eased jitters over euro-zone sovereign debt woes.

The Dow Jones industrial average <.DJI> gained 119.03 points, or 1.11 percent, to 10,867.29. The Standard & Poor's 500 Index <.SPX> rose 12.96 points, or 1.12 percent, to 1,168.75. The Nasdaq Composite Index <.IXIC> climbed 35.99 points, or 1.52 percent, to 2,411.30.

International Business Machines Corp led the Dow higher, gaining more than 2 percent after it said it expects profits to nearly double to over $20 a share by 2015.

(Reporting by Leah Schnurr; editing by Jeffrey Benkoe)