The Dow added half a percent, while the S&P 500 and Nasdaq each added more than four-tenths of a percent.

"I think it's certainly too soon to tell whether we've entered a new bull market..."

Adam Reinert, Chief Investment Officer and Chief Operating Officer at Marshall Financial Group, says that while stocks have risen sharply in recent weeks on optimism the Federal Reserve is done raising interest rates... investors will shift their focus to how those rate hikes are affecting the consumer.

"Ultimately it seems like the market may be transitioning from a market that was focused on the Federal Reserve and the path of monetary policy to one focused on the consumer. We received some jobs data today. It came in a little better than the market had expected. But as we transitioned from that Fed market to the consumer market going forward, that could really dictate the path of the market and the path of the economy as well."

Among the day's movers, Nvidia's shares fell 2.5% after the chip designer warned that U.S. export curbs could lead to a steep drop in sales in China.

And shares of farm equipment maker Deere dropped more than 3% after forecasting 2024 profit below analysts' estimates.

The stock market will be closed for Thanksgiving on Thursday and close early on Friday.