(REUTERS) -- Stocks extended gains on Wednesday, pushing the Dow average up more than 1 percent as the market rebounded after five days of heavy losses on the S&P 500 brought the benchmark index down more than 4 percent.

The S&P 500 was trading above its 50-day moving average after closing below it Tuesday for the first time since December.

The Dow Jones industrial average <.DJI> was up 119.40 points, or 0.94 percent, at 12,835.33, after rising more than 1 percent. The Standard & Poor's 500 Index <.SPX> was up 15.19 points, or 1.12 percent, at 1,373.78. The Nasdaq Composite Index <.IXIC> was up 37.59 points, or 1.26 percent, at 3,028.81.

(Reporting By Caroline Valetkevitch; Editing by Theodore d'Afflisio)