US stocks closed higher, driven by a more than 1% increase in the Nasdaq Composite index.
The rise was also supported by a surge in Apple shares following plans to announce a domestic manufacturing commitment and positive earnings reports from several companies.
Apple shares jumped 5.1% and led the rise of all three major indexes after White House officials said the company would announce a domestic manufacturing commitment worth $100 billion.
McDonald's shares rose 3% after global sales exceeded expectations, while Arista Networks shares jumped 17.5% following a quarterly revenue forecast that exceeded estimates.
The Dow Jones Industrial Average rose 0.18% to 81.38 points, the S&P 500 rose 0.73% to 45.87 points, while the technology-focused Nasdaq rose 1.21% to 252.87 points.
In other news, President Donald Trump on Wednesday imposed an additional 25% tariff on goods from India following New Delhi's continued import of oil from Russia.
Meanwhile, stocks were supported by rising expectations of a Federal Reserve (Fed) interest rate cut in September following last week's jobs report that showed slowing growth and a downward revision to the previous month.
Minneapolis Fed President Neel Kashkari said on Wednesday that the Fed may need to cut interest rates in the near term to address the economic slowdown.
According to CME's FedWatch, market expectations for a rate cut of at least 25 basis points in September rose to 95.2% from 92.9% in the previous session and just 46.7% a week ago.
Trading volume on US exchanges recorded $16.85 billion compared to an average of $18.27 billion over the full 20 trading days.
