Muddled economic news on the labor market sent the major indexes fluctuating in the first part of the session, but investors shook off any concerns and all of the major indexes had turned higher by the close of trading.

"In the end, with earnings as strong as they've been, we're going to overlook the little economic reports," said Bill Groenfeld, head trader for vFinance Investments. "Right now, we're seeing earnings-driven buying, which is smart and good for the economy anyway."

With prices lower after a decline that began in mid-January, investors were looking to pick up some bargains. Still, the major indexes moved sideways for much of yesterday's session as investors tried to interpret the day's economic news.

First-time jobless claims rose by 17,000 last week, according to the Labor Department, while worker productivity grew by only 2.7 percent in the fourth quarter, down sharply from 9.5 percent in the third quarter.

Economists expected jobless claims to remain level and productivity to rise by 3.4 percent.

"When you look at the productivity numbers, it shows that the cost-cutting that drove earnings is behind us, and the earnings themselves are back to a more normal range," said Subodh Kumar, chief investment strategist for CIBC World Markets.

A more important indicator was expected today, when payroll figures will be reported for January. The market was looking for a better performance than the meager 1,000 jobs that employers added in December.