The S&P 500 rose more than 1 percent in late trading on Wednesday, hitting its highest level since July, helped by gains in financials.

The Dow Jones industrial average <.DJI> was up 93.93 points, or 0.75 percent, at 12,576.00. The Standard & Poor's 500 Index <.SPX> was up 13.79 points, or 1.07 percent, at 1,307.46. The Nasdaq Composite Index <.IXIC> was up 38.14 points, or 1.40 percent, at 2,766.22.

(Reporting By Caroline Valetkevitch; Editing by Jan Paschal)