At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.65%, the S&P 500 index rose 0.81%, while the Nasdaq Composite index rose 1.01%.
Earlier Wednesday, the Federal Reserve released its Beige Book, an analysis of current economic conditions, which revealed the U.S. economy continues to recovery.
The document revealed the U.S. economy is growing at a "modest to moderate pace," which drew applause on Wall Street.
Investors remained eager for the release of Friday’s U.S. nonfarm payrolls report, which is seen as a tipping point over whether the Fed will begin tapering stimulus programs this month.
Many investors expect the Federal Reserve to announce plans to unwind its USD85 billion monthly bond-buying program at its Sept. 17-18 policy meeting.
Monthly asset purchases send stocks rising by suppressing interest rates, though a decision to begin tapering the stimulus programs this month has largely been priced into trading.
Elsewhere, the U.S. Commerce Department reported that the U.S. trade deficit widened more than expected in July, hitting USD39.1 billion from a downwardly revised USD34.5 billion deficit in June, mainly due to improving imports.
Analysts were expecting the trade deficit to widen to USD38.7 billion in July.
Investors kept a cautious eye on Syria throughout the day.
The U.S. Senate Foreign Relations Committee on Wednesday gave President Barack Obama authority to use military force against Syria for its alleged use of chemical weapons in its civil war.
Separately, Russian President Vladimir Putin said he might support a U.N. Security Council resolution calling for military strikes provided that body was presented with conclusive proof that
the Syrian government employed chemical weapons.
Putin insisted the U.S. had no right to strike Syria, a Russian ally, adding only the U.N. can authorize such a measure, though investors concluded on Wednesday that a military strike against Syria, which could engulf the broader Middle East, was not imminent.
Leading Dow Jones Industrial Average performers included Intel, up 2.54%, Coca-Cola, up 1.72%, and Verizon, up 1.70%.
The Dow Jones Industrial Average's worst performers included Microsoft, down 2.10%, IBM, down 0.43%, and Hewlett-Packard, down 0.40%.
European indices, meanwhile, finished higher.
After the close of European trade, the EURO STOXX 50 rose 0.19%, France's CAC 40 rose 0.16%, while Germany's DAX 30 finished up 0.19%. Meanwhile, in the U.K. the FTSE 100 finished up 0.10%.
On Thursday, the U.S. is to release the ADP nonfarm payrolls report on private-sector job creation, as well as the weekly government report on initial jobless claims.
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