All three major indexes rose with Dow adding one-tenth of one percent, the S&P 500 climbing half of one percent and the Nasdaq gaining nine tenths of one percent.

All three gained ground in February, for the fourth month in a row.

AI-related chipmaker Nvidia advanced two percent and was the biggest boost to the S&P and Nasdaq while smaller rival Advanced Micro Devices surged nine percent.

A report from the commerce department showed U.S. prices picked up in January in line with expectations amid strong gains in the costs of services, while annual inflation was the smallest in three years.

Reports on consumer and producer prices earlier in February, which pointed to stubborn inflation, had led investors to dial back expectations of rate cuts to June including Bill Northey, senior investment director with U.S. Bank Wealth Management.

"Inflation now has been on a steady trajectory toward the Federal Reserve's target since the middle of 2022. And while the CPI and the personal consumption expenditures deflator that we saw this morning have been giving somewhat mixed results, indicating that the last mile of inflation may be somewhat more challenging to accomplish, the trend clearly remains in place and sets the stage for the Federal Reserve cutting interest rates sometime near the midpoint of this year."

Stocks on the move outside the technology sector included Boeing which fell nearly two percent after a report of a probe by the Department of Justice.

And Hormel Foods, the maker of Skippy peanut butter, jumped nearly 15% after topping first quarter sales and profit estimates.