Stocks pared gains and the Nasdaq Composite hit a session low in afternoon trading on Wednesday after a source said the European Union and International Monetary Fund will not release an 8 billion euro payment to Greece until after its planned referendum.

Adding to market uncertainty, the U.S. Federal Reserve cut its forecast for economic growth, even as it earlier kept monetary policy steady.

The Dow Jones industrial average added 114.51 points, or 0.98 percent, to 11,772.47. The Standard & Poor's 500 rose 11.29 points, or 0.93 percent, to 1,229.57. The Nasdaq Composite gained 11.07 points, or 0.42 percent, to 2,618.03.

U.S. stocks were up after two days of losses, aided by upbeat job market data as investors eyed a crisis meeting about Greece.

(Editing by Jeffrey Benkoe)