Unemployment figures and housing numbers released ahead of the market's open continued to paint a picture of the U.S. economy on the verge of a comeback.
The Dow Jones industrial average (INDU) closed up 123 points, or 1%. The S&P 500 (SPX) gained 15 points, or 1.1%. The Nasdaq (COMP) added 44 points, or 1.5%.
"People know and are still fearful of the European Union crisis, but we're seeing that investors can look past that when they see positive economic news out of the United States," said Douglas DePietro, head of trading at Evercore Partners.
Meanwhile, uncertainty remains over Greece and its efforts to secure much-needed additional bailout funds. European finance ministers delayed a decision on the bailout Wednesday, as they continue to evaluate a proposed austerity program from Athens.
The Eurogroup meets again Monday and indicated it would likely give its approval for the latest economic reform proposal, which Greece needs in order to secure bailout funds and avoid defaulting on a €14.5 billion bond redemption in March.
The dollar was higher against the euro, the British pound and the Japanese yen.
Oil for March delivery added 50 cents to $102.30 a barrel.
Gold futures for April delivery moved up 5 cents to $1,726.80 an ounce.
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