Taking their lead from European and Asian markets, US stocks have opened higher.
Sentiment has been buoyed by the continued recovery in the crude oil price.
The price of a barrel of Brent crude increased 1.5% to US$52.7 and US light crude also bounced 1.5% to US$49.25 as Middle East oil cartel OPEC and Shell said operational and investment reduction would lead to price rises and spikes.
US industry data also showed stockpile draw-downs, implying lower US production, while geopolitical risk in the Middle East raised fears of supply disruption.
"WTI has rallied strongly to over a one-month high just below US$50 on the unexpected news from a United States' government report that the oversupply in the markets might have reached a peak," commented Jameel Ahmad, chief market analyst at foreign exchange trader FXTM.
"There is little doubt that the weak NFP [non-farm payrolls] from the United States has pushed back interest rate expectations," Ahmad continued, adding that the chances of a US interest rate rise this year are narrowing each passing week.
The Dow Jones industrial average was up 134 points, or 0.80%, at 16,925 in the first half hour of trading; the NASDAQ Composite was up 33 (0.70%) at 4,782 and the S&P 500 was 15 points heavier (0.77%) at 1,995.
Energy shares were doing much of the heavy lifting, with Marathon Oil, Chesapeake Energy, Consol Energy and Transocean all notching up gains of more than 4%.
The much-anticipated bid from Anheuser-Busch InBev (NYSE:BUD) for South African brewing giant SABMiller (LON:SAB) has materialised, with the Belgian brewer going over the head of the SABMiller board to announce a proposed offer of £42.15 a share, after having two previous offers knocked back by the SABMiller board.
The terms value SABMiller at US$104bn, which substantially undervalues the Miller Lite brewer, according to SABMiller's directors.
ABInbev's ADRs were up 1.6% at US$111.31 in early deals.
KFC and Pizza Hut brands owner Yum Brands (NYSE:YUM) was proving about as popular as a week old anchovy and spinach pizza after massively disappointing results released after the bell last night.
The company is a big player in China but that market has been problematic of late for the fast foods peddler and it said the pace of recovery in its China division had been slower than expected.
"The food quality scandal in China continues to dent demand in the country that has been contributing the most to the restaurant chain’s growth," noted Jasper Lawler, at spread betting firm CMC Markets.
Operational earnings per share of US$1.00 were around five cents below the consensus forecast, as cost improvements were offset by materially worse-than-expected sales in China.
"With the China business facing further unexpected headwinds into 2H, visibility for a turnaround remains low, evidenced by the reduced EPS outlook," said Jefferies, which nevertheless retained its 'hold' recommendation, with the shares off almost one-fifth at US$67.30.
Another company with products that are anathema to healthy eating lobbyists, PepsiCo (NYSE:PEP), was faring better after its results last night.
The shares were up US$1.12 at US$98.19 after the fizzy drinks maker topped expectations with third quarter earnings per share (EPS) of US$1.35, versus market expectations of US$1.25.
Completing a trio of controversial food & drink companies making waves, agricultural giant Monsanto (NYSE:MON) fell 1% to US$86.875p after its fourth quarter results disappointed this morning.
The pro-genetically modified foods agribusiness is to reduce its head count by almost one in eight as it reacts to weaker commodity markets.
The company lowered fiscal 2016 earnings guidance on Wednesday morning, projecting earnings per share (EPS) of US$5.10, down US$5.60 from the year just ended.