Stocks Opened Higher on GDP

U.S. stocks opened higher on Thursday as data showed the economy grew in line with expectations in the final quarter of last year. The Dow Jones Industrial Average lately rose 76.68 points, or 0.49%, at 15,815.47. The S&P 500 gained 15.19 points, or 0.86%, at 1,789.39. The Nasdaq Composite was up 54.94 points, or 1.36%, at 4,106.37.

Gross domestic product grew at a 3.2% annual pace in the fourth quarter, according to a Commerce Department report. That figure beat economists’ expectations.

The number of Americans filing new claims for unemployment benefits rose more than expected last week.  Initial claims for state unemployment benefits increased 19,000 to a seasonally adjusted 348,000, the Labor Department said on Thursday.

Robust household spending and strong exports kept the U.S. economy on solid ground in the fourth quarter. Gross domestic product grew at a 3.2 percent annual rate, the Commerce Department said on Thursday, in line with economists’ expectations.

Under Armour Inc. said fourth-quarter profit surged 28%, as the athletic-goods maker posted strong sales growth, particularly in accessories. For 2014, Under Armour projected revenue of $2.84 billion–$2.87 billion, compared with $2.77 billion recently projected by analysts.