The Nasdaq rose more than 1 percent on Wednesday as investors snapped up technology shares after a two-day sell-off, while both the Dow and the S&P 500 clung to modest gains as healthcare shares advanced.

Goldman Sachs added chipmaker Qualcomm to its conviction buy list while rival Texas Instruments was upgraded by Banc of America Securities-Merrill Lynch to buy from underperform.

Qualcomm shares jumped 2.7 percent to $44.64, while Texas Instruments was up 3.2 percent at $21.40. Networking equipment maker Cisco also underpinned the technology sector after its CEO said he had seen business improve.

The Dow Jones industrial average <.DJI> climbed 28.34 points, or 0.33 percent, to 8,533.01. The Standard & Poor's 500 Index <.SPX> gained 1.83 points, or 0.20 percent, to 913.80. The Nasdaq Composite Index <.IXIC> rose 15.25 points, or 0.85 percent, to 1,811.43, after rising 1 percent to hit a session high at 1,814.65.

(Reporting by Ellis Mnyandu; Editing by Jan Paschal)

Qualcomm