Obama announced that the U.S. will begin talks with the European Union on a trans-Atlantic trade agreement. He also called for increased spending to fix roads and bridges and the first increase in the minimum wage in six years. The president also challenged deeply divided lawmakers to find compromises to avoid massive, automatic spending cuts that are scheduled to take place March 1.
The government reported that Americans' spending at retail businesses and restaurants slowed last month after higher taxes cut their paychecks. Retail sales growth slowed to 0.1 percent in January, from a 0.5 percent increase in December.
The Nasdaq composite rose 10.38 points to 3,196.88.
As stocks have advanced this year, bond prices have slumped.
The yield on the 10-year Treasury note, which moves inversely to its price, rose 4 basis points to 2.02 percent. The yield on the note has risen more than 30 basis points since the start of the year.
Among other stocks making big moves:
— Groupon rose 29 cents to $5.58 after brokerage firm Sterne, Agee & Leach, raised its rating on the company to "Buy" from "Neutral," citing the long-term potential for Groupon's changing business model. The online deals company has lost almost three quarters of its value since going public in November 2011 at $20 as revenue growth slowed.
— Dean Foods, a milk producer, fell $1.69 to $16.70, after their profit forecast fell short of Wall Street expectations.