The Dow Jones industrial average (INDU) rose 83 points, or 0.6%, to end at 12,716. The S&P 500 (SPX) gained 12 points, or 0.9%, to 1,324. The Nasdaq rose 34 points, or 1.2%, to 2,848.
Wednesday's advance extends last month's strong gains. It was the best January for the S&P and Dow since 1997 and since 2001 for the Nasdaq.
Traders said bank stocks were supported by expectations that a highly anticipated IPO filing by Facebook could signal a rebound in capital markets activity.
Meanwhile, the technology sector was supported by strong quarterly results from chipmaker Broadcom and data storage company Seagate.
A key index of U.S. manufacturing activity came in slightly below expectations, but still signaled expansion in the sector. Earlier reports showed manufacturing activity picked up in China, Germany, France and the United Kingdom.
"Reports out of China and the U.S. today are clearly more positive," said Art Hogan, managing director at Lazard Capital Markets. "The economic data today is one of the biggest drivers."
Meanwhile, investors welcomed signs that talks in Greece are progressing on a second bailout and a write down of the nation's private-sector debt load. In the bond market, yields on Portuguese government bonds eased after the nation drew strong demand for an auction of short-term bills.
"As long as Europe doesn't implode, it seems like the market wants to go higher," said David Rovelli, managing director of U.S. equity trading at Canaccord Adams.
The dollar fell against the euro, the Japanese yen and the British pound.
Oil for March delivery fell 87 cents to end at $97.61 a barrel.
Gold futures for April delivery rose $9.10 to close at $1,749.50 an ounce.
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