The Nasdaq Composite Index increased 75.90 points, or 0.97 per cent, to 7,898.05.
In corporate news, Walmart earnings beat analysts' expectations for the first quarter. It reported total revenue of $123.9 billion for the quarter, and adjusted earnings per share of $1.13.
Doug McMillon, Walmart's president and CEO, said the retailer is "changing to enable more innovation, speed and productivity" and the changes have yielded good results. McMillon was also pleased with the combination of comparable sales growth from stores and eCommerce in the US.
Shares of Walmart rose 1.43 per cent to close at $101.31 apiece.
Cisco Systems also reported better-than-expected quarterly earnings, sending its stock up 6.66 per cent.