By Shreyashi Sanyal
The technology sector climbed 0.97 percent, the most among the 11 major S&P sectors, boosted by a 1.3 percent rise in Apple.
Apple, which has said a "wide range" of its products could be hit by tariffs, fell 1.2 percent on Wednesday when it unveiled its largest-ever iPhone, but made only small changes to its line-up, which were widely expected.
Even as Washington prepares to slap tariffs on $200 billion worth of Chinese goods, the Trump administration on Wednesday invited Chinese officials to restart talks, although it is unclear when these talks could happen.
Trade-sensitive industrial sector rose 0.81 percent. Caterpillar was up 1.4 percent and Boeing rose 1.8 percent, the most among the Dow Industrials.
U.S. consumer prices rose less than expected in August and underlying inflation pressures also appeared to be slowing, a report from the U.S. Labor Department showed.
"This data definitely alleviates concerns that inflation is running at too rampant a pace," said Robert Pavlik, chief investment strategist and senior portfolio manager at SlateStone Wealth LLC in New York.
At 10:01 a.m. ET the Dow Jones Industrial Average was up 167.37 points, or 0.64 percent, at 26,166.29, the S&P 500 was up 14.34 points, or 0.50 percent, at 2,903.26 and the Nasdaq Composite was up 62.04 points, or 0.78 percent, at 8,016.26.
Twitter was up 0.9 percent and Alphabet 0.5 percent, rebounding from a drop on Wednesday.
Qualcomm rose 3.3 percent after the U.S. chipmaker said it would buy back about $16 billion of its stock as part of a previously announced $30 billion repurchase plan.
Chipmakers bounced back from a slide on Wednesday. Micron jumped 2.6 percent, while Advanced Micro Devices's 4.4-percent gain was the most on the S&P.
Kroger fell 10.6 percent, the most on the S&P, after the supermarket chain missed quarterly same-store sales estimates as customers were put off by changes in how it stocked merchandise on shelves.
Advancing issues outnumbered decliners by a 2.50-to-1 ratio on the NYSE and a 2.14-to-1 ratio on the Nasdaq.
The S&P index recorded 46 new 52-week highs and no new lows, while the Nasdaq recorded 81 new highs and 19 new lows.
(Reporting by Shreyashi Sanyal in Bengaluru; Editing by Shounak Dasgupta and Arun Koyyur)
(Only the headline and picture of this report may have been reworked by the Business Standard staff; the rest of the content is auto-generated from a syndicated feed.)