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The S&P 500 closed 1.4 per cent higher, while the Dow Jones Industrial Average peaked with a 2.5 per cent increase before falling back to 1.3 per cent.
However, experts were still uncertain about the future of the stock markets, particularly in light of the problems still facing Europe.
Frank Davis, director of sales and trading at LEK Securities, told CNN: "Investors are looking for green shoots ... But there's still no depth in any direction or market stability."
Among the firms to make significant gains yesterday were Home Depot, General Electric and Walt Disney.
Over the last 12 months, the Dow Jones peaked in May when it reached 12,810.54 points, but in the first two weeks of August 2011 it plummeted by nearly 1,500 points.
Posted by Greg Secker
