(CNBC) U.S. stocks traded higher Thursday, with industrial stocks among the top advancers as FedEx jumped more than 10 percent following a better-than-expected earnings report.
U.S. crude oil futures settled up 4.5 percent at $40.20 a barrel.
Materials, energy and industrials traded more than 2 percent higher each to lead the S&P 500 higher. The Dow transports traded more than 2.5 percent higher as FedEx surged.
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"Good news is good news," said Art Hogan, chief market strategist at Wunderlich Securities, attributing much of the midday gains to both FedEx and recent improvement in economic data.