U.S. stocks advanced in early trade on Wednesday after German manufacturing orders for February came in better than expected and gold rallied to a new high.

The S&P 500 Index gained 5.16 points, or 0.39 percent, to trade at 1,337.86 at 9:55 a.m. EDT. The Dow Jones Industrial Average advanced 35.54 points, or 0.29 percent, to trade at 12,429.44. The Nasdaq Composite Index gained 0.70 percent.

German factory orders surged in February, mainly boosted by strong domestic demand. New factory orders in the eurozone’s largest economy rose 2.4 percent in February from an upwardly revised figure of 3.1 percent increase in the previous month.

Gold prices gained to an all-time high of $1,460 an ounce and silver prices rose to a 31-year high.

On the corporate front, Broadcom Corp. (NASDAQ:BRCM) advanced 4.63 percent to $40.23 as Oppenheimer has upgraded shares of BRCM to outperform from perform citing strong growth profile, management's stated efforts to pursue profitable growth, a more disciplined operating expense and compensation strategy.

Monsanto Co. (NYSE:MON) shares declined 2.8 percent to $71.50. The company reported second quarter net income of $1.02 billion or $1.88 per share compared to $887 million or $1.60 per share last year.

U.S. stocks ended mixed on Tuesday as weaker-than-expected ISM Services PMI report and hawkish Fed meeting minutes weighed on the sentiment.

The euro advanced 0.44 percent to 1.4286 against the dollar and the yen declined 0.57 percent against the greenback.

European stock markets are currently trading higher with FTSE 100 up by 43.56 points, DAX30 up by 44.64 points and CAC 40 up by 4.73 points.