U.S. stocks are closing higher Wednesday as investors continued to monitor the economic recovery and rising inflation.

A variety of companies that rely on consumer spending made solid gains. Dick's Sporting Goods surged after reporting a surge in first-quarter sales and solid earnings as team sports returned. Urban Outfitters and Abercrombie & Fitch also made gains on similarly strong financial results.

The S&P 500's gain was kept in check by lagging healthcare company stocks.

Markets have been bumpy in recent days as investors move past a stellar corporate earnings season and look for additional clues on economic growth.