U.S. stocks open moderately higher after strong data; Dow Jones up 0.15%

U.S. stocks opened moderately higher on Thursday, after the release of positive U.S. economic growth and jobless claims data sparked fresh hopes that the nation's recovery is on track, signalling that the Federal Reserve could soon taper its stimulus program. 

During early U.S. trade, the Dow Jones Industrial Average added 0.15%, the S&P 500 index edged up 0.18%, while the Nasdaq Composite index climbed 0.50%. 

The Commerce Department said gross domestic product expanded at an annual rate of 2.5% in the three months to June, above expectations for growth of 2.2% and up from a preliminary estimate of 1.7%.

In a separate report, the Department of Labor said the number of people who filed for unemployment assistance fell to the lowest level since October 2007 last week.

The number of people filing for initial jobless benefits in the week ending August 23 fell by 6,000 to a seasonally adjusted 331,000, compared to forecasts for a decline of 5,000. 

Investors remained cautious however, after President Barack Obama said on Wednesday that the U.S. has concluded that the Syrian government carried out a chemical weapons attack near Damascus, but added that he had not yet made a decision about whether to intervene militarily. 

Verizon was one of the top performers, with shares surging 3.76%, following reports British company Vodafone is in talks to sell its 45% stake in Verizon Wireless to its U.S. partner Verizon Communications in what would be the biggest deal in more than a decade. 

The sale of the holding could reportedly amount to about USD130 billion. 

In more company news, Francesca’s Holdings added 0.21%, as the women’s boutique operator was projected to boost sales by 80% during the next three years, faster than any other apparel chain, according to a Bloomberg report. 

Elsewhere, Hanesbrands climbed 0.63%, as the fourth straight year of surplus cotton output and the biggest drop in Chinese imports since 2000 were said to be creating record global inventories, signaling higher profits for the U.S. underwear company. 

On the downside, energy-linked companies were affected by the recent drop in oil prices, as Chevron saw shares decline 0.55% and Exxon Mobil slumped 0.71%. 

Other stocks likely to be in focus included Campbell Soup, Pall and Signet Jewelers, scheduled to report second-quarter earnings later in the day. 

Across the Atlantic, European stock markets were higher. The EURO STOXX 50 edged up 0.09%, France’s CAC 40 added 0.12%, Germany's DAX inched 0.01% higher, while Britain's FTSE 100 gained 0.60%. 

During the Asian trading session, Hong Kong's Hang Seng Index climbed 0.84, while Japan’s Nikkei 225 Index jumped 0.91%.