U.S. stocks extended gains on Wednesday, buoyed by a rally in technology shares.

The Dow Jones Industrial Average rose 247 points, or 1.4%, to 18011. The S&P 500 index added 25 points, or 1.2%, to 2105. The Nasdaq Composite Index gained 63 points, or 1.2%, to 5076.

Technology stocks led advances in the broader market. The S&P 500 Information Technology index climbed 1.6%, its first gain in four sessions. Shares of Intel Corp. were the top gainer in the Dow, adding 2.8%.

Despite the gains, traders said market-moving news was light, adding that the rally seemed in part fueled by renewed buying interest from investors following several sessions of losses in the last week.

“You’ve unleashed a little pent-up buying demand after a couple of days of quiet,” said Michael Antonelli, sales trader at brokerage firm Robert W. Baird.

Stocks have pulled back in recent sessions as investors gird for a likely increase in interest rates by the Federal Reserve later this year. The Dow ended Tuesday at its lowest level since April 2 and has fallen 3% from its May 19 record close.

Despite their recent slide, stocks have hewed to a tight trading range for much of this year, with further gains held back by a combination of uneven economic growth, elevated stock-market valuations and the prospect of rising interest rates this year. The Dow industrials have risen 0.6% this year, while the S&P 500 is up 1.9%.

“In the big picture, the rise in interest rates will override any short-term rallies,” said Peter Boockvar, chief market analyst at the Lindsey Group LLC.

“Two things can impact a very expensive market: a rise in interest rates and a slowdown in earnings,” he said. “We’ve clearly seen a slowdown in earnings and now we’re seeing a rise in rates,” he added, pointing to the jump in government bond yields.

Stocks ended little changed Tuesday, with the Dow slipping 0.01% to 17764.04. The S&P 500 added 0.04% to 2080.15, while the Nasdaq Composite Index slipped 0.15% to 5013.87.

The selloff in government bonds accelerated Wednesday, pushing the yield on 10-year German bonds above 1% for the first time since September. The yield on the 10-year German bond, known as bund, was recently at 0.964%, after rising as high as 1.05% earlier in the session. Yields rise as prices fall.

U.S. Treasury prices also declined. The yield on the 10-year Treasury note advanced to 2.468% from 2.417% on Tuesday.

European stocks extended earlier gains, sending the Stoxx Europe 600 index up 1.3% after six straight days of declines. France’s CAC 40 rose 0.9% and Germany’s DAX advanced 1.6%.

The pace of economic reports picks up later this week. Investors will get a look at how much consumers spent in May with Thursday’s retail sales report, while Friday will bring a reading on inflation in May.

In other markets, gold futures rose 1% to $1189.10 an ounce.