At closing bell, the Dow Jones Industrial Average index advanced by 320.33 points, or 0.83%, to 39,110.76. The S&P500 index added 29.09 points, or 0.56%, to 5,178.51. The tech-heavy Nasdaq Composite index grew 63.34 points, or 0.39%, to 16,166.79.
Total 9 of the 11 major S&P 500 sectors inclined, with energy sector being top performer, rising 1.08%, while communication services sector was bottom performer, falling 0.17%.
On the corporate front, shares of Unilever (UL) popped after the Ben & Jerry's maker said it would cut jobs and spin off its ice cream unit.
Nvidia shares climbed roughly 1.1% as investors evaluated the news from its first-ever GTC Conference. CEO Jensen Huang unveiled Nvidias latest artificial intelligence chip, labeled Blackwell, which he touted as a significantly more powerful successor to its chips that power a multitude of AI operations.
ECONOMIC NEWS: Report released by the Commerce Department showed housing starts spiked by 10.7% to an annual rate of 1.521 million in February after plunging by 12.3% to a revised rate of 1.374 million in January. The report also said building permits shot up by 1.9% to an annual rate of 1.518 million in February after dipping by 0.3% to a revised rate of 1.489 million in January.
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