Stocks extended gains on Wednesday as multinational technology and industrial shares rose after Spain unveiled a plan to cut its deficit that further eased jitters over euro-zone debt woes.

The Nasdaq fared better than the other two indexes, helped by gains in chipmakers. The PHLX semiconductor index <.SOXX> rose nearly 3 percent.

The Dow Jones industrial average <.DJI> gained 129.91 points, or 1.21 percent, to 10,878.17. The Standard & Poor's 500 Index <.SPX> rose 14.29 points, or 1.24 percent, to 1,170.08. The Nasdaq Composite Index <.IXIC> climbed 45.72 points, or 1.92 percent, to 2,421.03.

(Reporting by Leah Schnurr; Editing by Kenneth Barry)