During early U.S. trade, the Dow Jones Industrial Average rose 0.57%, the S&P 500 index added 0.58%, while the Nasdaq Composite index advanced 0.56%.
The U.S. Department of Labor said earlier that initial claims for state unemployment benefits fell to 351,000, holding steady near the lowest level since March 2008.
Separate reports showed that the U.S. core personal consumption expenditure index rose broadly in line with market expectations in January, while personal spending and personal income both rose less-than-expected.
The data came one day after Federal Reserve Chairman Ben Bernanke dampened expectations for a third round of monetary easing in testimony before Congress, after he acknowledged the recent improvement in the labor market and said that higher oil prices could push up inflation.
Financial stocks were sharply higher as shares in Bank of America surged 2.13% and Goldman Sachs climbed 1.66%, while Citigroup and Goldman Sachs jumped 1.62% and 1.55% respectively.
According to the Wall Street Journal, Bank of America is planning to introduce a monthly fee for customers holding checking accounts unless they agree to bank online, buy more products or maintain certain balances.
Car makers added to gains with shares in General Motors climbing 1.92% the company accepted to form a global alliance with PSA Peugeot Citroen targeting a cut in annual costs of at least USD2 billion without plant closures or job cuts in Europe.
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