U.S. stocks rose sharply on Wednesday as Federal Reserve Chairman Jerome Powell said the central bank's focus was on supporting the U.S. economy and employment. The S&P 500 /zigman2/quotes/210599714/realtime SPX +0.08% rose 44 points, or 1.1%, to end around 3,925. The Dow Jones Industrial Average /zigman2/quotes/210598065/realtime DJIA -0.56% gained 425 points, or 1.4%, to end near 31,962, based on preliminary numbers. The Nasdaq Composite /zigman2/quotes/210598365/realtime COMP +0.59% rose 133 points, or 1%, to finish around 13,598. Like Powell, other senior Fed officials including Lael Brainard and Richard Clarida both sounded dovish on Wednesday, underlining the central bank's willingness to keep policy accommodative. Intuit Inc. /zigman2/quotes/203136605/composite INTU -0.39% shares rose 3.5% after the financial-services company reported fiscal second-quarter results late Tuesday.