After half an hour of trading, the Dow Jones industrial average rose 0.4 percent, the broad S&P 500 index rose 0.4 percent and the tech-heavy Nasdaq Composite index rose 0.7 percent.
This comes after new figures showed that producer prices in the US rose 5.5 percent in June compared with June last year. This was a lower rate of increase than the average forecast of 6.2 percent.
Several major chip companies - such as ASML, Lam Research, AMD, Qualcomm and Broadcom - are rising. This follows ASML, Europe's most valuable listed company, releasing a very strong quarterly report.
The increase in futures prices for oil also slowed during the afternoon. A barrel of North Sea oil now costs $85 after rising 0.2 percent during the day.
