NEW YORK (TheStreet) -- Stocks marched higher by mid-morning Thursday as the U.S. dollar weakened from its highs and Treasury yields stabilized.
The S&P 500 was up 0.71%, the Dow Jones Industrial Average added 0.88%, and the Nasdaq climbed 0.84%.
The U.S. dollar fell 0.4% against the euro, 0.2% against the British pound, and 0.32% against the Swiss franc. The greenback hit 11-year highs earlier this year which proved troublesome for many multinationals' top-lines during the first quarter.
U.S. Treasury yields stabilized on Thursday, falling back from five-month highs seen earlier this week. The yield on the 10-year Treasury fell to 2.24%.
"We have dollar weakness today. That continues to hold the key," Peter Cardillo, chief market economist at Rockwell Global Capital, told CNBC. "There is complacency in the bond market and that's helping to ease that fear of yields climbing."
Cisco (CSCO) shares gained after a quarterly earnings beat. The tech giant reported earnings of 54 cents a share, just edging out estimates of 53 cents. Revenue rose 5.1% to $12.1 billion, slightly better than estimates of $12.07 billion. Click here for more.
Materials and energy stocks gained as crude oil stabilized above $60 a barrel. BHP Billiton (BHP), Rio Tinto (RIO), and Vale SA (VALE) were each higher. The Energy Select Sector SPDR ETF (XLE) added 0.76% and the Materials Select Sector SPDR ETF (XLB) gained 0.83%.