Mumbai, March 5 -- The Nasdaq jumped 290.79 points (1.3%) to 22,807.48, the S&P 500 advanced 52.87 points (0.8%) to 6,869.50 and the Dow climbed 238.14 points (0.5%) to 48,739.41.

Wall Street's strength continued as traders bought stocks at reduced levels following Tuesday's sell-off, which pushed major averages to three-month lows. Positive sentiment also stemmed from upbeat U.S. economic data, including ADP's report showing private sector employment rose by 63,000 jobs in February-surpassing expectations of 48,000-after a revised 11,000 in January.

A separate ISM report revealed U.S. service sector activity unexpectedly accelerated, with its PMI climbing to 56.1 in February from 53.8 in January, beating forecasts of 53.6 and marking t...