Separate reports today showed that inventories at US companies climbed in June at the most tepid pace in nine months, while wholesale prices rose more than forecast in July.
In late afternoon trading in New York, the Dow Jones Industrial Average rose 0.17 per cent, as did the Standard & Poor's 500 Index, while the Nasdaq Composite Index gained 0.11 per cent.
Wall Street also drew strength from the latest euro-zone gross domestic product data. The pace of expansion in Germany, Europe's largest economy, eased less than expected in the second quarter, increasing 0.3 per cent from the first quarter.
France's GDP surprised by being steady for the quarter, instead of showing a decline as economists had predicted.
The euro-zone economy shrank 0.2 per cent in the second quarter, which was in line with expectations.
Europe's Stoxx 600 Index finished the session with a 0.7 per cent gain on the previous close. Benchmark stock indexes in Germany, the UK and France all advanced.
"While not great in any way, German and French GDP numbers were better than expected, which adds to the scenario that there is no risk of an imminent euro break up," Alexander Kraemer, a cross-asset strategist at Commerzbank in Frankfurt, told Bloomberg News. "It shows global growth is not collapsing, which also helps reduce investment risks."
Even so, solving the euro region's sovereign debt crisis requires a lot more work. The UK is pressing for the European Central Bank to share power with national regulators as it takes over euro-area bank supervision, according to policy planning documents obtained by Bloomberg.
The ECB should have a core set of central powers to oversee all banks in the 17-nation currency bloc while delegating some tasks to individual countries, under one option favoured by the UK and European Union economic policy officials. The ECB supports a similar "light touch" approach that would leave day-to-day supervision for most banks in the hands of national authorities, according to the documents obtained by Bloomberg.