U.S. stocks open higher on economic data

U.S. stocks opened higher on Thursday, as consumer spending and tightening labor market suggested a recovery in the economy.

Personal income increased 79.0 billion U.S. dollars, or 0.5 percent, and disposable personal income increased 65.5 billion dollars, or 0.5 percent, in May, according to U.S. Department of Commerce.

Personal consumption expenditures increased 105.9 billion dollars, or 0.9 percent, in May, which is the largest gain in nearly six years.

In the week ending June 20, the advance figure for seasonally adjusted initial claims was 271,000, an increase of 3,000 from the previous week' s revised level, the Labor Department announced Thursday.

The final read on first-quarter gross domestic product (GDP) in the United States decreased at an annual rate of 0.2 percent, in-line with expectations and above a previous estimate of a 0.7 percent contraction, the Department of Commence said Wednesday.

The eurozone' s Greece talks didn' t reach agreement late Wednesday. It has been reported that international creditors rejected the Greek government' s plan to end its financial crisis, but they have submitted counterproposals.

Time is running out for Greece and creditors to reach a deal before Greece has to repay a 1.6-billion-euro loan to the IMF by the end of this month.

Shortly after the opening bell, the Dow Jones Industrial Average increased 50.48 points, or 0.28 percent, to 18,016.55. The S&P 500 gained 4.66 points, or 0.22 percent, to 2,113.24. The Nasdaq Composite Index was up 15.02 points, or 0.29 percent, to 5,137.43.

U.S. stocks pulled back amid GDP report on Wednesday, as a setback in Greece' s debt talks weighed on investor sentiment. Endit