The Dow Jones Industrial Average ( ^DJI) led the way higher, gaining over 450 points, or about 1.1%. The S&P 500 ( ^GSPC) gained 0.5%, and tech-heavy Nasdaq Composite ( ^IXIC) pared earlier losses to finish just above the flat line.

"There were some warning signs from Target, but if you look at personal income and retail sales, they have been strong all year," said Peter Cardillo, chief market economist at Spartan Capital Securities, in an interview. "That suggests the consumer has buying power."

Fundstrat's Tom Lee called Nvidia's earnings release a "clearing event" for the stock market and that investors' "animal spirits" are rising.

Target’s stock was down more than 20% in afternoon trading, compared with a 0.6% decline for the S&P 500 index, according to FactSet data, at last check. The S&P 500’s consumer-staples sector was slumping 0.4% on Wednesday afternoon.

Stocks closed higher on Wall Street, giving the market its fifth gain in a row and notching another record high for the Dow Jones Industrial Average.

Asian stock rise following gains on Wall Street after market superstar Nvidia and other companies said they’re making even fatter profits than expected