Stocks Stage Another Late Rally

Elsewhere, the Commerce Department said personal income rose 0.5% in December, matching estimates, while spending rose 0.7%, also in line with expectations. The core personal consumption expenditures (PCE) deflator rose 0.1% but came in below estimates.

Separately, the Labor Department said initial jobless claims fell by a greater-than-expected 20,000 to 307,000 last week.

Commodities were mixed. Crude oil futures lost 84 cents to close at $57.30 a barrel, and natural gas sank 14 cents to $7.53 per million British thermal units. Gold was higher by $5.10 at $663 an ounce, and silver added 15 cents at $13.72 an ounce.

Equities were stronger overseas. London's FTSE added 1.3% to 6282, and Frankfurt's Xetra DAX tacked on 0.9% at 6851. Tokyo's Nikkei rose 0.8% overnight to 17,519, and Hong Kong's Hang Seng gained 1.6% to 20,430.