Investor sentiment was further boosted after data showed initial claims for state unemployment benefits rose 13,000 to a seasonally adjusted 196,000 last week, above a forecast of 190,000 claims.
The data comes on the heels of a strong January employment report that rattled markets last week.
Of more than half of the S&P 500 companies that have reported fourth-quarter earnings so far, 69% have topped estimates, as per Refinitiv data.
Advancing issues outnumbered decliners by a 3.03-to-1 ratio on the NYSE and by a 2.17-to-1 ratio on the Nasdaq.
The S&P index recorded 14 new 52-week highs and one new low, while the Nasdaq recorded 49 new highs and 20 new lows.