Stocks rose more than 1 percent at the open on Wednesday as Intel Corp's solid quarterly results and outlook reinforced hopes for an economic recovery and a rebound in technology spending.

Regional U.S. economic data underpinned the positive sentiment, with the New York Fed's Empire State index for July showing business conditions in the state at their strongest since April 2008.

The Dow Jones industrial average <.DJI> gained 98.62 points, or 1.18 percent, to 8,458.11. The Standard & Poor's 500 Index <.SPX> rose 11.46 points, or 1.27 percent, to 917.30. The Nasdaq Composite Index <.IXIC> climbed 27.82 points, or 1.55 percent, to 1,827.55.

(Reporting by Chuck Mikolajczak; Editing by Padraic Cassidy)