U.S. stocks rallied on Wednesday as investors paid close attention to updates regarding the Russia-Ukraine conflict.

The Dow Jones Industrial Average rose 653.61 points, or 2.00 percent, to 33,286.25. The S&P 500 added 107.18 points, or 2.57 percent, to 4,277.88. The Nasdaq Composite Index rebounded 460.00 points, or 3.59 percent, to 13,255.55.

Nine of the 11 primary S&P 500 sectors ended in green, with technology and financials up 3.98 percent and 3.61 percent, respectively, leading the gainers. Energy and utilities slipped 3.18 percent and 0.78 percent, respectively, the only two declining groups.

U.S.-listed Chinese companies traded higher with all the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on an upbeat note.

The news from Ukraine is still dominating the developments on the financial markets.

Ukrainian Foreign Minister Dmytro Kuleba said he would discuss a ceasefire with his Russian counterpart Sergei Lavrov at the upcoming meeting in Turkey, the UNN news agency reported on Wednesday.

On Monday, Turkish Foreign Minister Mevlut Cavusoglu said Kuleba and Lavrov would meet in Turkey's southern province of Antalya on Thursday, on the sidelines of the Antalya Diplomatic Forum.

U.S. equities have been quite volatile recently as geopolitical risks over Ukraine gripped investors.