At 12:58 p.m. ET, the Dow Jones Industrial Average was up 282.95 points, or 1.16 percent, at 24,643.09, the S&P 500 was up 26.01 points, or 0.98 percent, at 2,682.31 and the Nasdaq Composite was up 60.76 points, or 0.85 percent, at 7,167.41.
Merck rose 2.5 percent after the company presented positive data on its cancer drug Keytruda, driving a 0.7 percent gain in the healthcare index.
Technology stocks gained 0.9 percent.
“Tech and healthcare may be two sectors trading below their 20 year PEs, meaning there is still value in those sectors,” Feldman said.
Shares of optical components makers, including those of Acacia Communications and Oclaro, took a beating after Reuters reported that the U.S. government was banning American companies from selling components to Chinese telecom equipment maker ZTE Corp <0000063.SZ>.
JB Hunt Transport Services jumped 5.5 percent after the trucking company’s profit topped estimates.
Bank of America posted marginal gains after reporting a better-than-expected increase in quarterly profit.
Netflix fell more than 1 percent. The company is expected to reports results after the closing bell on Monday.
Advancing issues outnumbered decliners on the NYSE for a 2.79-to-1 ratio and on the Nasdaq, a 1.81-to-1 ratio favored advancers.
(Reporting by Sruthi Shankar in Bengaluru; Editing by Anil D’Silva)