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U.S. stocks open higher on GDP data

Xinhua, August 27, 2015 Adjust font size:

U.S. stocks opened higher on Thursday, with the Dow Jones Industrial Average advancing more than 200 points, as a solid GDP report topped investors' expectations.

The U.S. Commerce Department on Thursday revised up its estimate for the real gross domestic product (GDP) in the second quarter to a growth of 3.7 percent, much higher than a growth of 0.6 percent in the first quarter.

Some analysts, however, said recent data points to a possible interest rate hike this year.

But New York Federal Reserve President William Dudley on Wednesday said a September rate liftoff seemed "less compelling" than just a few weeks ago.

U.S. stocks surged Wednesday after his comment, snapping six-session losing streak, as global markets regained momentum after growth concerns eased.

In the week ending Aug. 22, the advance figure for seasonally adjusted initial claims was 271,000, a decrease of 6,000 from the previous week' s unrevised level, according to the U.S. Labor Department Thursday.

Shortly after the opening bell, the Dow Jones Industrial Average gained 211.05 points, or 1.30 percent, to 16,496.56. The S&P 500 rose 24.61 points, or 1.27 percent, to 1,965.12. The Nasdaq Composite Index increased 69.24 points, or 1.47 percent, to 4,766.77. Endi