The Dow Jones Industrial Average rose 162.06 points, or 0.51 percent, to 32,036.90. The S&P 500 was up 39.05 points, or 0.99 percent, to 3,998.95. The Nasdaq Composite Index added 161.96 points, or 1.36 percent, to 12,059.61.
Nine of the 11 primary S&P 500 sectors ended in green, with consumer discretionary and health care up 2.25 percent and 1.51 percent, respectively, outpacing the rest. Energy and communication services slipped 1.69 percent and 0.21 percent, respectively, the only two declining groups.
Tesla shares surged nearly 9.8 percent after the electric vehicle maker reported second-quarter earnings that exceeded Wall Street forecasts.
Shares of Danaher Corporation jumped about 9 percent on better-than-expected quarterly results.
Shares of United Airlines tumbled after its earnings fell short of analysts' expectations.
About 18 percent of S&P 500 index companies have reported earnings so far and of those, about 71 percent have beaten expectations, according to data from FactSet.
On the economic front, U.S. initial jobless claims, a rough way to measure layoffs, increased by 7,000 to 251,000 in the week ending July 16, marking the highest reading since last November, the Labor Department reported on Thursday.
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