At closing bell, the Dow Jones Industrial Average index climbed up 322.37 points, or 0.85%, to 38,225.66. The S&P500 index advanced 45.81 points, or 0.91%, to 5,064.20. The tech-heavy Nasdaq Composite index increased by 235.48 points, or 1.51%, to 15,840.96.

Total 9 of 11 S&P500 sectors closed higher along with S&P500 index. Information technology sector was top performer, rising 1.64%, while materials sector was bottom performer, falling 0.51%.

ECONOMIC NEWS: US Labor Productivity Increases Modestly In Q1- A report released by the Labor Department on Thursday showed labor productivity rose by 0.3% in the first quarter after spiking by a revised 3.5% in the fourth quarter. The uptick in labor productivity, a measure of output per hour, came as a 1.3% jump in output was largely offset by a 1.0% increase in hours worked. Meanwhile, the report said unit labor costs soared by 4.7% in the first quarter following a revised unchanged reading in the fourth quarter. The spike in unit labor costs came as hourly compensation surged by 5.0% in the first quarter after jumping by 3.5% in the fourth quarter. Real hourly compensation, which takes changes in consumer prices into account, increased by 1.1% in the first quarter after climbing by 0.8% in the fourth quarter.

US Factory Orders Surge 1.6% In March- The Commerce Department said factory orders shot up by 1.6% in March after jumping by a downwardly revised 1.2% in February. The sharp increase in factory orders came as durable goods orders soared by 2.6% in March after climbing by 0.7% in February. Orders for transportation equipment led the way higher, skyrocketing by 7.8%. The report said orders for non-durable goods also climbed by 0.6% in March after jumping by 1.7% in February. The Commerce Department said shipments of manufactured goods also rose by 0.3% in March after surging by 1.4% in February. Meanwhile, inventories of manufactured goods were virtually unchanged in March after inching up by 0.2% in February. The inventories-to-shipments ratio subsequently came in at 1.47 in March, unchanged from the previous month.

US Trade Deficit Narrows Slightly To $69.4 Billion In March- The trade deficit narrowed to $69.4 billion in March from a revised $69.5 billion in February, according to a report released by the Commerce Department on Thursday. The report said the value of imports slumped by 1.6% to $327.0 billion in March after surging by 2.3% to $332.4 billion in February. The sharp pullback by imports largely reflected a steep drop in imports of automotive vehicles, parts and engines. Imports of industrial supplies and materials and cell phones and other household goods also decreased, while imports of pharmaceuticals increased. The Commerce Department said the value of exports also tumbled by 2.0% to $257.6 billion in March after jumping by 2.2% to $262.9 billion in February. Exports of capital goods, industrial supplies and materials and foods, feeds and beverages all decreased during the month. The report also said the goods deficit rose to $92.5 billion in March from $91.7 billion in February, while the services surplus widened to $23.1 billion from $22.2 billion.

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