Stocks Mildly Up after Data

U.S. stocks were mildly up in the early trading on Thursday as stronger-than-expected U.S. economic data lent weight to the possibility of a wind-down soon in the Federal Reserve’s stimulus program. The Dow Jones industrial average lately rose 15.98 points or 0.11 percent, to 14,840.49, the S&P 500 was up 2.70 points or 0.17 percent, to 1,637.66 and the Nasdaq Composite added 16.41 points or 0.46 percent, to 3,609.76.

The U.S. economy accelerated more quickly than expected in the second quarter thanks to a surge in exports, bolstering the case for the Federal Reserve to wind down a major economic stimulus program. U.S. gross domestic product grew at a 2.5 percent annual rate in the April-June period, according to revised estimates released by the Commerce Department. That was more than double the pace clocked in the prior three months.

The number of Americans filing new claims for unemployment benefits fell as expected last week, suggesting a strengthening in job gains in August after a slight pullback the prior month. Initial claims for state unemployment benefits slipped 6,000 to a seasonally adjusted 331,000, the Labor Department said on Thursday.

Verizon Communications Inc. (NYSE:VZ) and U.K.-based Vodafone Group (LSS:UK:VOD) (NASDAQ:VOD) renewed talks over a potential buyout of Vodafone’s 45% stake in their Verizon Wireless joint venture.

The price of oil fell to near $109 a barrel Thursday, easing off a two-year high, after official figures showed a rise in U.S. crude inventories. By early afternoon in Europe, benchmark oil for October delivery was down 65 cents to $109.45 a barrel in electronic trading on the New York Mercantile Exchange.