The Dow Jones Industrial Average opened higher, led by Bank of America andHewlett-Packard, after posting a modest gain in the previous session.

The S&P 500 and the Nasdaq also rose at the open. The CBOE Volatility Index (VIX), widely considered the best gauge of fear in the market, slipped below 14.

Most key S&P sectors were in positive territory, led by financials and techs.

China's export growthrebounded in Decemberto $31.6 billion from $19.6 billion in November, expanding at the fastest rate in seven months. However, China's Commerce Ministry last month warned against hoping for an imminent recovery in trade, saying that world economic growth remained subdued.

On the economic front,weekly jobless claims rose 4,000 to a seasonally adjusted 371,000, according to the Labor Department. Economists in a Reuters survey forecast a total of 365,000 new filings compared with 372,000 in the prior week.

The Commerce Department is expected to release wholesale inventories data at 10 am ET. Economists expect inventories to rise 0.3 percent, against a 0.6 percent increase in October.

In Europe, the European Central Bank held interest rates at a record low of 0.75 percent, refraining from a cut following fledgling signs of life in the euro zone economy and with inflation still above target.