Stocks rose on Wednesday and the broad S&P 500 index gained 1 percent as a broker upgrade of Caterpillar lifted big manufacturers, while biotechnology shares got a lift from better-than-expected results from Gilead Sciences.

Boeing gives full-year outlook, range above estimates.

AT&T posts smaller-than-expected drop in profit.

The Dow Jones industrial average <.DJI> gained 59.58 points, or 0.75 percent, to 8,029.14. The Standard & Poor's 500 Index <.SPX> rose 8.39 points, or 0.99 percent, to 858.47. The Nasdaq Composite Index <.IXIC> added 27.48 points, or 1.67 percent, to 1,671.33.

(Reporting by Rodrigo Campos; editing by Jeffrey Benkoe)

AT&T