According to preliminary data, the S&P 500 gained 117.42 points, or 2.13%, to end at 5,638.94 points, while the Nasdaq Composite gained 451.07 points, or 2.61%, to 17,754.09. The Dow Jones Industrial Average rose 674.62 points, or 1.65%, to 41,488.19.
Tesla rose following a report on the electric vehicle maker's plans to make a lower-cost version of its best-selling Model Y in Shanghai, aiming to regain ground lost during a price war in its second-largest market.
Nvidia's shares advanced ahead of next week's GPU Technology Conference (GTC), which is expected to culminate in a hotly anticipated keynote address from Nvidia CEO Jensen Huang.