The Dow Jones Industrial Average advanced 454.84 points, or 1.6%, to close at 29,100.50. It was the Dow's first close above 29,000 since February. The S&P 500 gained 1.5% to end the day at 3,580.84 while the Nasdaq Composite was higher by 1% at 12,056.44.

Both the S&P 500 and Nasdaq hit record highs, with the Nasdaq topping 12,000 for the first time. The Dow also posted its biggest one-day move since July 14. The S&P 500 had its best day since July 6.

Coca-Cola rose more than 4% along with Dow Inc to lead the 30-stock average higher. IBM jumped more than 3%. However, those stocks are still down year to date. Apple and Tesla slid 2.1% and 5.8%, respectively, giving back some of their recent sharp gains. The iShares Russell 1000 Value ETF (IWD) rose 1.6% to outperform its growth counterpart.