U.S. stocks ended sharply higher today as investors jumped back into the market a day after a dramatic sell-off, as recent comments by Federal Reserve officials eased U.S. recession worries.

All major S&P 500 sectors also rose sharply.

U.S. central bank policymakers pushed back against the idea that weaker-than-expected July jobs data means the economy is headed for a recession, but they also warned that the Fed will need to cut interest rates to avoid such an outcome.

Nvidia gave the biggest boost to the S&P 500 and Nasdaq.

“The market had just gotten top heavy, but it did reprice a decent amount, particularly the Nasdaq, and people are coming back to the idea that with lower rates it should provide a support for stocks,” said Rick Meckler, partner at Cherry Lane Investments, a family investment office in New Vernon, New Jersey.

According to preliminary data, the S&P 500 gained 51.66 points, or 1.00%, to end at 5,237.99 points, while the Nasdaq Composite gained 166.77 points, or 1.03%, to 16,366.86. The Dow Jones Industrial Average rose 284.86 points, or 0.74%, to 38,988.13.

Traders are pricing in a 75% chance the Fed will cut rates by 50 basis points at its next policy meeting in September and a 25% chance of a 25 basis point reduction, the CME Group’s FedWatch Tool showed.

Stocks have sold off after the weak economic data raised worries of a U.S. recession.

Market concerns were exacerbated as investors wound down yen-funded trades, used to finance the acquisition of stocks for years, after a surprise Bank of Japan rate hike last week.

The next big Fed event is Chair Jerome Powell’s speech at the Jackson Hole on Aug. 22-24.

Uber shares rose sharply after the ride-sharing and food delivery provider beat Wall Street estimates for second-quarter revenue and core profit, helped by steady demand for its services.

Caterpillar gained after beating analysts’ estimates for second-quarter profit, as higher prices on its larger excavators and other equipment countered moderating demand in North America.

Additional reporting by Shubham Batra and Shashwat Chauhan in Bengaluru.