U.S. stocks trade higher on economic data

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

At midday, the Dow Jones Industrial Average increased 34.53 points, or 0.19 percent, to 18,000.60. The S&P 500 gained 5.19 points, or 0.25 percent, to 2,113.77. The Nasdaq Composite Index was up 13.18 points, or 0.26 percent, to 5,135.59.

Personal income went up 79 billion U.S. dollars, or 0.5 percent, and disposable personal income rose 65.5 billion dollars, or 0.5 percent, in May, according to U.S. Department of Commerce.

Personal consumption expenditures soared 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 reading on the 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.

A Eurogroup meeting on Greece kicked off Thursday, with a view to reach agreement over the details of the Greek reform plan to release financial assistance for Greece from creditors.

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.

U.S. stocks pulled back amid GDP report Wednesday, as a setback in Greek debt talks weighed on investor sentiment. Endite