The U.S. Commerce Department released factory orders data on Thursday. Factory orders in the U.S. rose 1.6% in January, missing expectations for a 2.0% gain, after a 2.9% decline in December. It was the biggest rise since June 2015.

The increase was mainly driven by a rise in orders for transportation equipment. Orders for transportation equipment climbed 11.4% in January, while orders for automobiles and parts climbed 2.9%.

Durable goods orders were jumped 4.7% in January.

Factory orders excluding transportation declined 0.2% in January, after a 0.9% drop in December. December's figure was revised down from a 0.8% fall.