New orders for U.S.-manufactured durable goods in January decreased 5.2 percent, following four consecutive months of increase,the Commerce Department reported on Wednesday. However, excluding transportation, a volatile item, new orders increased 1. 9 percent.
The market was also underpinned by rising European stocks, as the European Commission said on Wednesday that the February Economic Sentiment Indicator (ESI) in the euro area rose 1.6 points to 91.1, up for the fourth straight month.
Global equity markets also recovered somewhat on Wednesday as investors' worries about Italian political uncertainties in the wake of the country's parliament election eased.
The CBOE Volatility Index, broadly considered a gauge of fear in the market, dipped for a second straight day, down 12.7 percent to close at 14.73 on Wednesday.
In corporate news, shares of Target dropped 1.45 percent to 63. 12 U.S. dollars as the retail chain's earnings in its fiscal fourth quarter fell from the year-ago period.
Priceline shares rallied 2.57 percent to 695.91 dollars after the online travel agency beat market estimates on its fourth- quarter profit.
J.C. Penney shares plunged in after-hours trading as the department store reported massive losses for its fiscal fourth quarter after the closing bell.
Public letter calls for gay marriage legislation
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