- While manufacturing activity contracted in February, steadying new orders growth and improving inventories offered signs of stability.
Construction spending in January surged to the highest since 2007, while strong auto sales also boosted sentiment.
The data strengthened expectations the U.S. economy is gaining steam after slowing in the fourth quarter.
- A day earlier, New York-traded oil futures reversed losses of more than 2% to end up 28 cents, or 0.88%, after weekly stockpile data pointed to strong demand for gasoline and distillates, but also showed that U.S. oil inventories rose to an all-time high, underlining concerns over ample supplies.
Russian Energy Minister Alexander Novak said earlier that oil ministers from OPEC and non-OPEC countries were planning to meet in mid-March. Novak said he would also probably meet with Iran's oil minister next month.
He added that a potential deal between leading oil producers to freeze output should last for at least a year.
Reference: Reuters, Investing
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