Market upside was, however, capped as some traders seemed reluctant to make significant moves amid uncertainty about the near-term outlook for the markets after remarks from Federal Reserve Chair Jerome Powell indicated that cuts may come much later than previously expected. Meanwhile, lack of major U.S. economic data also kept some traders on the sidelines.
At closing bell, the Dow Jones Industrial Average index advanced 141.24 points, or 0.37%, to 38,521.36. The S&P500 index added 11.42 points, or 0.23%, to 4,954.23. The tech-heavy Nasdaq Composite index was up 11.32 points, or 0.072%, to 15,609.00.
Total 09 of 11 S&P500 sectoral indices inclined, with material sector being top performer, rising 1.71%, while information technology sector was bottom performer, falling 0.5%.
Shares of Palantir Technologies skyrocketed by 30.8% after the data analytics provider reported better than expected fourth quarter revenues amid strong demand for its artificial intelligence offerings.
Spotify shares jumped after the music streamer's reporting stronger than expected fourth quarter subscriber growth and providing strong guidance, while Eli Lilly's stocks popped after the company's 2024 profit forecast topped estimates.
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Shares of regional bank New York Community Bank fell more than 22% as investor fears over the health of the commercial real estate lender continue to roil the sector.
Shares of Rambus plunged by 19.2% after the chipmaker reported a year-over-year decline in fourth quarter revenue.
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