US stock markets settled higher on Thursday after strong earnings reports from retailers, outpacing European shares which were little changed, while oil prices plunged after top crude producers extended output cuts for a shorter period than expected.

The Dow Jones Industrial Average rose 70.53 points or 0.34 percent to settle at 21,082.95. NASDAQ 100 index gained 48.07 points or 0.84 percent to close at 5,778.37. The broader S&P 500 index add 10.68 points, or 0.44 percent, to 2,415.07.