NEW YORK, March 27 (Xinhua) -- U.S. stocks ended higher on Wednesday, snapping a three-day string of losing sessions at the end of the quarter.

The Dow Jones Industrial Average rose 477.75 points, or 1.22 percent, to 39,760.08. The S&P 500 added 44.91 points, or 0.86 percent, to 5,248.49. The Nasdaq Composite Index increased 83.82 points, or 0.51 percent, to 16,399.52.

All the 11 primary S&P 500 sectors ended in green, with utilities and real estate leading the gainers by adding 2.75 percent and 2.42 percent, respectively. Communication services posted the weakest growth, up by 0.11 percent.

U.S. mortgage applications decreased by 0.7 percent on a seasonally adjusted basis during the week ending March 22, according to the Mortgage Bankers Association's (MBA) weekly mortgage applications survey on Wednesday.

"Purchase applications were essentially unchanged, as homebuyers continue to hold out for lower mortgage rates and for more listings to hit the market," Joel Kan, MBA's vice president and deputy chief economist, said in a statement. "Lower rates should help to free up additional inventory as the lock-in effect is reduced, but we expect that will only take place gradually, as we forecast that rates will move toward 6 percent by the end of the year. Similarly, with rates remaining elevated, there is very little incentive right now for rate/term refinances."

At the end of each quarter, institutional investors review their market exposures to ensure compliance with strict allocation limits between equities and bonds, as well as between domestic and international stocks. As another strong quarter for stocks comes to a close, pension funds are expected to sell approximately 32 billion U.S. dollars in equities to rebalance their portfolios, as projected by Goldman Sachs Group Inc.

Matt Maley of Miller Tabak + Co. noted, "At the end of almost every quarter, we hear talk on Wall Street about potential significant rebalancing actions." He suggested that while quarterly rebalancing discussions are common, they often have minimal impact, but this time, they may lead to more noteworthy market movements before the quarter ends.

On Wednesday, top-performing stocks in the S&P 500 included Cintas, which surged over 7 percent following strong earnings results. Merck also saw a significant rise of 5 percent, reaching a new record high, after receiving approval from the U.S. Food and Drug Administration for Winrevair, its treatment for life-threatening lung conditions in patients with pulmonary arterial hypertension.

Traders also awaited Federal Reserve Governor Christopher Waller's remarks at an event after the close. Enditem

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