Wall Street climbed overnight after a better-than-expected report on US durable goods orders bolstered sentiment about the nation's economy, outweighing a fresh decline in energy stocks with oil prices.
A Commerce Department report showed orders for durable goods jumped 4.9 percent in January, after a 4.6 percent drop in December, helping to alleviate concerns about the country's manufacturing industry.
Separately, a Labor Department report showed jobless claims rose 10,000 to a seasonally adjusted 272,000 for the week ended February 20. The four-week moving average of claims fell 1,250 to 272,000.
"The manufacturing malaise that plagued the US is not broad-based," Jacob Oubina, senior US economist at RBC Capital Markets in New York, told Reuters. "You don't get a recession when capital spending is at worst, moving sideways, and jobless claims are near cycle lows on a trend basis."
In 1.35pm New York trading, the Dow Jones Industrial Average rose 0.7 percent, while the Nasdaq Composite Index advanced 0.3 percent. In 1.20pm trading, the Standard & Poor's 500 Index gained 0.2 percent.