The Dow Jones Industrial Average traded up 76 points, or 0.42 percent, at 17,937, with Cisco leading gains and American Express the greatest of six blue chip laggards.
The credit card company fell about 6 percent on news that Costco will not accept American Express in the United States starting next April, after the two companies failed to reach an agreement on renewal terms.
The S&P 500 traded up 15 points, or 0.73 percent, to 2,083, with information technology leading gains and utilities leading two laggards.
The Nasdaq traded up 43 points, or 0.90 percent, to 4,844.
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Four stocks advanced for every decliner on the New York Stock Exchange, with an exchange volume of 323 million and a composite volume of 1.8 billion as of 12:35 p.m.
Crude oil futures rose $ 2.02, or 4.12 percent, to $ 50.85 on the New York Mercantile Exchange. Gold futures rose $ 4.10, or 0.34 percent, to $ 1,223.80.
The U.S. 10-year Treasury yield fell to trade near 1.97 percent. The U.S. dollar fell against major world currencies.
In central bank news, Sweden lowered interest rates and announced a 10 billion kronor ($ 1.2 billion) bond-buying program while the Bank of England hinted a rate hike could come next year.
Breakfast cereal giant Kellogg reported lower-than-expected quarterly sales as weak demand in Europe and Asia Pacific overshadowed a revival in U.S. sales.
Online travel agency Expedia said early Thursday it would buy rival Orbitz Worldwide at $ 12 a share for total of about $ 1.33 billion, as it looks to increase its customers base in a highly competitive industry.
Time gave a downbeat sales outlook for 2015, on weaker circulation. Time, which publishes magazines like People and Sports Illustrated, sees a three to six percent drop in revenue this year, more than the consensus forecast for a two percent decline. Time earned an adjusted 73 cents per share for its latest quarter, five cents below estimates.
Avon Products earned an adjusted 20 cents per share for its latest quarter, missing estimates by five cents, and revenue was also below analyst projections. Currency fluctuations had a significant impact on Avon’s results, and the company said that will continue to be the case this year as it does most of its business outside the U.S.
McGraw-Hill Financial, the parent of Standard and Poor’s, earned 95 cents per share for its latest quarter, a five-cent beat, while revenue was above estimates as well.
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In other corporate news, Tesla unexpectedly reported a quarterly loss after the bell on Wednesday, but shares rose in after-hours trade on better-than-expected shipments.
Among the few remaining companies yet to post earnings, AIG, Kraft Foods and Groupon report after the bell.
CNBC’s Peter Schacknow and Reuters contributed to this report.
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