After a slew of positive economic data from the US, major US stock indices advanced on Wednesday.

According to the minutes of its last rate-setting meeting, the Federal Reserve is slightly more optimistic about the pace of recovery, leading some members to ponder raising interest rates from a record low and shrinking the central bank's massive balance sheet in the near future.

The  Government data, earlier on Wednesday, showed that industrial production and new home construction rose more than expected in January, both signs that the world's largest economy is gaining steam.

The blue-chip Dow Jones Industrial Average added 40.43 points, or 0.39 percent, to 10,309.24. The broader Standard & Poor's 500 Index climbed 4.64 points, or 0.42 percent, to 1,099.51. The technology-heavy Nasdaq Composite Index was up 12.1 points, or 0.55 percent, to 2,226.29.

The dollar gained against the Japanese currency to 91.23 yen from 90.17 yen a day earlier, the US currency climbed against the euro to 73.54 euro cents from 72.64 euro cents on Tuesday. (With Input from Agencies)