Treasury Plan Lifts Markets as Dollar Weakens

The U.S. Treasury Department's plan to double its buybacks of long-term Treasuries sparked a market rebound on Wednesday, with major indices closing higher.

The Dow Jones Industrial Average rose by 119.89 points, or 0.22 percent, to close at 53,463.29, while the S&P 500 increased by 16.45 points, or 0.21 percent, to finish at 7,708.21.

The NASDAQ Composite climbed 41.38 points, or 0.16 percent, to end the day at 26,331.09, but underperformed its peers slightly as some megacap names gave back earlier gains.

In foreign exchange markets, the U.S. dollar suffered a broad-based decline as every major currency posted solid gains against the greenback, with the Swiss franc leading the charge.