Wall Street ends over 1% higher on tech gains

US stock indices closed the fourth session of the week higher for the fifth straight session, continuing its short-covering streak after marking the worst week in two years, following earlier data from the US, and after several fourth-quarter earnings results for some major American corporations. 

Earlier US data showed producer prices rose 0.4% in line with expectations in January, compared to a 0.1% dip in December, while core prices rose 0.4%, compared to a 0.1% slip, and beating expectations of a 0.2% increase. 

Unemployment claims rose 7 thousand to 230 thousand from 223 thousand in the previous reading, above expectations of 229K, while the Philly manufacturing index rose to 25.8 from 22.2 in January, beating forecasts of 21.5. 

The Empire State Manufacturing Index fell to 13.1 in February from 17.7 in January, while industrial production fell 0.1% in January, compared to a 0.4% rise in December, revised from a 0.9% increase, while analysts expected a 0.2% rise. 

The Capacity Utilization Rate fell to 77.5% from 77.7% in December, revised from 77.9%, and missing expectations of 78.0%. 

Dow Jones rose 1.23%, or 306.88 points to 25,200.37, while Standard and Poor's 500 surged 1.21%, or 32.57 points to 2,731.20. NASDAQ Composite rallied 1.58%, or 112.81 points to 7,256.43. 

Gold futures due on April 15 shed 0.08% to $1,356.90 an ounce from the opening of $1,358, while the dollar index shed 0.64% to 88.55 from the opening of 89.12, marking January 25 lows. 

US West Texas Intermediate rose 1.62% to $61.58 a barrel from the opening of $60.60, while Brent futures due on April 15 climbed 0.31% to $64.56 a barrel from the opening of $64.36.