The Dow Jones Industrial Average increased 87.06 points, or 0.25 percent, to 34,583.57. The S&P 500 climbed 19.06 points, or 0.43 percent, to 4,500.21. The Nasdaq Composite Index was up 8.48 points, or 0.06 percent, to 13,897.30.
Seven of the 11 primary S&P 500 sectors ended in green, with health care and energy up 1.86 percent and 1.36 percent, respectively, leading the gainers. Real estate slipped 0.86 percent, the worst-performing group.
U.S.-listed Chinese companies traded mostly lower with nine of the top 10 stocks by weight in the S&P U.S. Listed China 50 index ending the day on a downbeat note.
The Fed's next move on rates and balance sheet came into focus as its March meeting minutes released on Wednesday showed that many participants were in favor of a 50 basis point increase at future meetings. The minutes also revealed that a 95-billion-dollar reduction of balance sheet per month may be enacted soon.
On Tuesday, Fed Governor Lael Brainard, who is usually considered among the more dovish top Fed officials, said the Fed would start reducing its balance sheet "at a rapid pace" as soon as the May meeting, adding that inflation was "subject to upside risks."
On the economic front, U.S. initial jobless claims, a rough way to measure layoffs, fell by 5,000 to 166,000 in the week ending April 2, the Department of Labor reported on Thursday. Economists polled by The Wall Street Journal had forecast initial jobless claims to total a seasonally adjusted 200,000.
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