Federal Reserve Bank of New York released a report that showed a turnaround by regional manufacturing activity in the month of February. The New York Fed said its general business conditions index jumped to a positive 5.7 in February from a negative 12.6 in January, with a positive reading indicating growth. Meanwhile, the report said optimism about the outlook for conditions over the next six months dropped significantly, with the index for future business activity slumping to 22.2 in February from 36.7 in January.

National Association of Home Builders released a report revealing homebuilder confidence in the U.S. has unexpectedly deteriorated in the month of February. The NAHB/Wells Fargo Housing Market Index slumped to 42 in February after inching up to 47 in January. Computer hardware stocks substantially moved upside, driving the NYSE Arca Computer Hardware Index up by 3.7%. Steel stocks too were significantly strong, as reflected by the 2.0% jump by the NYSE Arca Steel Index. Semiconductor stocks moved notably higher, with the Philadelphia Semiconductor Index climbing by 1.7%. Gold, airline and pharmaceutical stocks also saw considerable strength on the day while retail stocks moved to the downside.

Asia-Pacific stocks turned in a mixed performance Japan's Nikkei 225 Index rose by 0.3% and Hong Kong's Hang Seng Index jumped by 1.6%, while China's Shanghai Composite Index slid by 0.9%. The ESuropean stocks moved modestly higher on the day. While the German DAX Index and the French CAC 40 Index both rose by 0.2%, U.K.'s FTSE 100 Index ended the day nearly unchanged.

In the bond market, treasuries gave back ground after moving sharply higher over the two previous sessions. Subsequently, the yield on the benchmark ten-year note which moves opposite of its price, jumped 7.2 bps to 4.54%.

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