By Kate Gibson

Positive results from a trio of high-profile market sector leaders -- Intel Corp., Goldman Sachs Group Inc. and Johnson & Johnson -- had investors Wednesday taking an optimistic view of the second-quarter earnings season.

"The world changes when you get to earnings, it becomes a minefield, and more of a stock-specific, sector-specific environment, rather than people trying to predict where the market goes," said Peter Boockvar, equity strategist, Miller Tabak & Co.

Upbeat earnings surprises "should give investors a reason to raise their commitment to equities as earnings reporting season gets under way in full force," said Fred Dickson, chief market strategist for Davidson Companies.

On Wednesday, investors hiked their exposure to stocks and commodities, lifting the major stock indexes 3%, while crude-oil futures rose to $61 a barrel.

Up for a third consecutive session, the Dow Jones Industrial Average (DJI) finished at 8,616.2, up 256.72 points, or 3.1%, its biggest point gain since March 23, when it surged nearly 500 points. The S&P 500 Index (SPX) added 26.84 points, or 3%, to stand at 932.68, with materials and financials fronting the broad market gains, while the Nasdaq Composite (RIXF) rose 63.17 points, or 3.5%, to 1,862.9.

Dickson listed Goldman Sachs Groups Inc. (GS), Johnson & Johnson (JNJ) and Intel Corp. (INTC) as among those offering early earnings results that should lift investor confidence, "putting a floor on the recent market pullback and providing incentive for investors to increase equity exposure."

Goldman on Tuesday reported a second-quarter profit that jumped 65%, with the investment powerhouse's performance during the period from equity underwriting a company record. .

And in the tech sector, Intel's results furthered its stance that the computer business is recovering after a tough period, with the world's largest maker of microprocessors late Tuesday offering better-than-expected results and an outlook hinting at more positive results ahead.

Shares of Intel jumped up more than 7% on Wednesday, with the shares hitting its highest level in more than nine months.

Bob Manning, director of wealth management at Morgan Stanley Smith Barney, said Intel's earnings report cannot be overstated.

"A quarter ago, Intel called a bottom in the semiconductor portion of the market. And to their credit, they delivered with earnings. In fact they literally knocked the cover off the ball, a complete surprise to Wall Street," said Manning.

Intel's results also suggest a rebound in business investment, Manning said. "When companies are forced to make layoffs, with the people they have left they have to make those people and that company much more efficient, and that's when they turn to technology." Listen to more.

Also Tuesday, Johnson & Johnson reported second-quarter results, with the health care products company's 3.5% profit drop beating Wall Street's lowered expectations.

Shares of Johnson & Johnson, like Intel a member of the Dow industrials, closed 1.3% higher.

"Stocks will continue to move impulsively on earnings," said Nick Kalivas, an analyst at MF Global Research, who added CSX Corp. (CSX) to the recent string of better-than-expected headline earnings numbers.

CSX, one of the country's biggest railroads, on Monday reported earnings fell 20% in the second quarter, with the results still topping Wall Street's expectations. .