At closing bell, the Dow Jones Industrial Average index advanced 348.85 points, or 0.91%, to 38,773.12. The S&P500 index added 29.11 points, or 0.58%, to 5,029.73. The tech-heavy Nasdaq Composite index was up 47.03 points, or 0.3%, to 15,906.17.
Total 10 of 11 S&P500 sectoral indices inclined, with energy and real estate sectors being top performers, rising 2.48% and 2.36%, respectively, while information technology sector was bottom performer, falling 0.44%.
Among individual shares, Alphabet dropped 2.17% after investment firm Third Point dissolved its stake in the megacap.
Apple shares closed 0.1% down as Warren Buffett's Berkshire Hathaway trimmed its large stake in the iPhone-maker and Soros Fund Management entirely dissolved its stake.
Wells Fargo jumped 7.2% after the bank said the U.S. Office of the Comptroller of the Currency has terminated a 2016 consent order over the bank's sales practices misconduct.
Cisco Systems fell 2.43% as it announced plans to cut 5% of its global workforce and lowered its annual revenue target.
Deere & Co lost 5.2% after the world's largest farm-equipment maker cutting its 2024 profit forecast.
On the economic news front, the Commerce Department released report on Thursday showing retail sales slid more than expected 0.8% in January after climbing by a downwardly revised 0.4% in December. Excluding sales by motor vehicle and parts dealers, retail sales fell by 0.6% in January after rising by 0.4% in December.
The Federal Reserve also released a report showing industrial production in the U.S. unexpectedly slipped by 0.1% in January, after being unchanged in December, due to a slump in manufacturing and mining activities. Industrial production was unchanged year-on-year in January.
Meanwhile, the Labor Department released a report showing initial jobless claims fell to 212,000, a decrease of 8,000 from the previous week's revised level of 220,000.
The Labor Department also released a separate report on Thursday showing an unexpected increase U.S. import prices by 0.8% in the month of January, after a revised 0.7% decline in December. Imported fuel prices rebounded 1.2% in January. That followed a 7.7% plunge in December. The cost of imported food surged 1.5% after dipping 0.1% in the prior month. Excluding fuels and food, import prices rose 0.7% after being unchanged in December. These so-called core import prices fell 0.6% on a year-on-year basis in January.
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