U.S. stocks on Wednesday shook off recent losses and marched higher, helped by broad based gains across all sectors, with shoe giant Nike (NKE) playing its part after a stellar earnings report.

By late afternoon, the tech-heavy Nasdaq Composite (COMP.IND) advanced 1.91% to 10,748.56 points, buoyed by gains in Apple (AAPL) and Amazon (AMZN).

The benchmark S&P 500 (SP500) gained 1.69% to 3,886.39 points, while the blue-chip Dow (DJI) added 1.69% to 33,406.14 points. Both indices were boosted by a nearly 14% surge in Nike.

All 11 S&P sectors were trading in the green, led by Energy and Consumer Discretionary. Consumer Staples rose the least.

Treasury yields were lower after a volatile session on Tuesday following the Bank of Japan’s surprise move in widening its yield-curve control. The 10-year Treasury yield (US10Y) fell 1 basis point to 3.67%.The 2-year yield (US2Y) fell 6 basis points to 4.21%.

“The BoJ’s announcement served as the catalyst for a fresh selloff globally, with sovereign bonds slumping across the world,” Deutsche Bank’s Jim Reid said. “That’s because the BoJ’s decision has several broader implications. For instance, if it does mark the start of a move away from ultra-loose monetary policy in Japan, then that could see Japanese investors shed their foreign bond-holdings in favor of domestic ones that now attract a higher yield.”

Sentiment on Wednesday was also helped by economic data in the form of the Conference Board’s reading of U.S. consumer confidence, which rose to 108.3, its highest level in eight months.

November existing home sales also came in, dropping for the tenth straight month to 4.09M versus the forecasted 4.2M figure.

“Existing home sales in November dropped a bit more than expected while consumer confidence in December improved more than expected. Home resales fell for the tenth consecutive reading last month, falling 7.7% to a 4.09mn annualized sales rate. Except for a one-month dip during the pandemic, that puts sales at the slowest pace since 2010, just after the housing collapse,” JPMorgan’s Michael Feroli said.

“Meanwhile, consumer confidence in December jumped just over eight points to 108.3, the best showing since April. Consumers’ assessment of both the present situation and expected future conditions improved. The labor market differential (jobs plentiful, less hard to get) increased just over four points to 35.8, consistent with a still-tight jobs market,” Feroli added.

Among active movers, cruise line operator Carnival Corp (CCL) and delivery giant FedEx (FDX) advanced as investors cheered their quarterly performances.

Bridgeline Digital (BLIN) was the top percentage loser on the Nasdaq Composite after an earnings miss.

Nike’s surge helped shares of rivals and peers such as Under Armour (UAA), Lululemon (LULU) and Foot Locker (FL).