Investing.com - U.S. stocks opened higher on Thursday, after the release of disappointing U.S. economic growth data eased expectations for the Federal Reserve to begin tapering its stimulus program before the year end.
During early U.S. trade, the Dow Jones Industrial Average climbed 0.40%, the S&P 500 index gained 0.45%, while the Nasdaq Composite index advanced 0.67%.
Official data showed that the U.S. economy expanded by 2.5% in the second quarter, confounding expectations for a 2.6% expansion.
In addition, the U.S. Department of Labor said that the number of people who filed for unemployment assistance in the U.S. in the week ending September 20 fell by 5,000 to a seasonally adjusted 305,000, from a downwardly revised 310,000 the previous week.
Analysts had expected the number of people who filed for unemployment assistance to rise by 15,000 to 325,000 last week.
The data came after a recent string of economic reports underlined concerns over the outlook for the U.S. economic recovery. Last week, the Fed said it wanted to see more evidence of a sustained economic recovery before it reduced stimulus.
Separately, U.S. budget concerns weighed on market sentiment as Republican leaders in the U.S. House of Representatives notified members that a vote on raison the debt limit could come as early as Friday.
Wal-Mart edged up 0.12% after the retailer said on Wednesday that it is cutting orders amid rising inventories, before adding that the company has hundreds of categories and that inventory levels change all the time.
In the same sector, JC Penney plummeted 3.06%, after diving nearly 15% on Wednesday, weighed by a Goldman Sachs research note saying that it expects sales at the retail chain to improve more slowly than expected.
In the financial sector, JPMorgan Chase gained 0.86% amid reports negotiations between the bank and federal and state authorities to resolve a series of investigations tied to mortgage bonds are focusing on a potential USD11 billion figure, including USD4 billion for consumer relief.
Elsewhere, Facebook rallied 1.07% after Jefferies lifted its price target on the social-networking company to USD60 from USD37.
Other stocks likely to remain in focus included Nike and Accenture, scheduled to report quarterly earnings later in the day.
Across the Atlantic, European stock markets were mixed to lower. The EURO STOXX 50 eased 0.05%, France’s CAC 40 slipped 0.11%, Germany's DAX fell 0.10%, while Britain's FTSE 100 edged up 0.14%.
During the Asian trading session, Hong Kong's Hang Seng Index retreated 0.36%, while Japan’s Nikkei 225 Index rallied 1.22%.
Later in the day, the U.S. was to release private sector data on pending home sales.
During early U.S. trade, the Dow Jones Industrial Average climbed 0.40%, the S&P 500 index gained 0.45%, while the Nasdaq Composite index advanced 0.67%.
Official data showed that the U.S. economy expanded by 2.5% in the second quarter, confounding expectations for a 2.6% expansion.
In addition, the U.S. Department of Labor said that the number of people who filed for unemployment assistance in the U.S. in the week ending September 20 fell by 5,000 to a seasonally adjusted 305,000, from a downwardly revised 310,000 the previous week.
Analysts had expected the number of people who filed for unemployment assistance to rise by 15,000 to 325,000 last week.
The data came after a recent string of economic reports underlined concerns over the outlook for the U.S. economic recovery. Last week, the Fed said it wanted to see more evidence of a sustained economic recovery before it reduced stimulus.
Separately, U.S. budget concerns weighed on market sentiment as Republican leaders in the U.S. House of Representatives notified members that a vote on raison the debt limit could come as early as Friday.
Wal-Mart edged up 0.12% after the retailer said on Wednesday that it is cutting orders amid rising inventories, before adding that the company has hundreds of categories and that inventory levels change all the time.
In the same sector, JC Penney plummeted 3.06%, after diving nearly 15% on Wednesday, weighed by a Goldman Sachs research note saying that it expects sales at the retail chain to improve more slowly than expected.
In the financial sector, JPMorgan Chase gained 0.86% amid reports negotiations between the bank and federal and state authorities to resolve a series of investigations tied to mortgage bonds are focusing on a potential USD11 billion figure, including USD4 billion for consumer relief.
Elsewhere, Facebook rallied 1.07% after Jefferies lifted its price target on the social-networking company to USD60 from USD37.
Other stocks likely to remain in focus included Nike and Accenture, scheduled to report quarterly earnings later in the day.
Across the Atlantic, European stock markets were mixed to lower. The EURO STOXX 50 eased 0.05%, France’s CAC 40 slipped 0.11%, Germany's DAX fell 0.10%, while Britain's FTSE 100 edged up 0.14%.
During the Asian trading session, Hong Kong's Hang Seng Index retreated 0.36%, while Japan’s Nikkei 225 Index rallied 1.22%.
Later in the day, the U.S. was to release private sector data on pending home sales.