Stocks rose on Wednesday, with the Nasdaq gaining more than 1 percent, as investors snapped up technology shares.

The S&P 500 hit its highest level in 14 months, led by shares of natural resource and telecommunications companies.

The Dow Jones industrial average <.DJI> gained 27.73 points, or 0.26 percent, to 10,499.31. The Standard & Poor's 500 Index <.SPX> gained 5.38 points, or 0.49 percent, to 1,114.24. The Nasdaq Composite Index <.IXIC> gained 20.74 points, or 0.95 percent, to 2,196.55.

(Reporting by Ellis Mnyandu; editing by Jeffrey Benkoe)