Stocks closed higher on Wall Street Wednesday, adding to the week's gains ahead of the Christmas holiday.

The S&P 500 rose 1%, the Nasdaq rose 1.2% and the Dow Jones Industrial Average rose 0.7%. The Russell 2000, a measure of small-company stocks, rose 0.9%.

Technology companies and a mix of retailers led the gains. Major indexes are still on track for weekly gains after a rally on Tuesday.

European and Asian markets also closed higher. The yield on the 10-year Treasury note fell to 1.46%.

U.S. markets will be closed Friday in observance of Christmas.