Stocks Opened Higher after GDP Data

U. S. stocks opened higher on Thursday after data showed U.S. economy grew at its fastest pace in more than two years in the third quarter. The Dow Jones Industrial Average lately advanced 74.02 points, or 0.30%, to 24,800.67. The S&P 500 was up 6.17 points, or 0.23%, to 2,685.42. The Nasdaq Composite added 14.08 points, or 0.20%, to 6,975.04.

Oil prices edged lower Thursday on news that a damaged North Sea pipeline could soon come back online. West Texas Intermediate crude for February delivery fell 14 cents, or 0.2%, to $57.95 a barrel. February Brent crude eased 13 cents, or 0.2%, to $64.43 a barrel.

The U.S. economy grew at its fastest pace in more than two years in the third quarter, powered by robust business spending, and is poised for what could be a modest lift next year from sweeping tax cuts passed by Congress this week. Gross domestic product expanded at a 3.2 percent annualized rate last quarter, the Commerce Department said in its third GDP estimate for the period.

Other data on Thursday showed a jump in the number of Americans filing for unemployment benefits last week. The underlying trend in jobless claims, however, remained consistent with a tightening labor market. the Labor Department said initial claims for state unemployment benefits rose 20,000 to a seasonally adjusted 245,000 for the week ended Dec. 16.