Stocks rose more than 2 percent on Wednesday as Intel Corp's quarterly results and outlook reinforced hopes for an economic recovery and a rebound in technology spending.

Further lifting stocks, the New York Fed's Empire State index for July showed business conditions in the state at their strongest since April 2008.

The Dow Jones industrial average <.DJI> gained 178.20 points, or 2.13 percent, to 8,537.69. The Standard & Poor's 500 Index <.SPX> rose 18.85 points, or 2.08 percent, to 924.69. The Nasdaq Composite Index <.IXIC> jumped 49.24 points, or 2.74 percent, to 1,848.97.

(Reporting by Rodrigo Campos; Editing by Jan Paschal)