U.S. stocks open higher after strong data, ECB; Dow Jones up 0.28%

Investing.com - U.S. stocks opened higher on Thursday, as the release of positive U.S. economic reports lifted sentiment and after the European Central Bank cut interest rates for the first time in 10 months.

During early U.S. trade, the Dow Jones Industrial Average added 0.28%, the S&P 500 index gained 0.33%, while the Nasdaq Composite index climbed 0.52%.

The U.S. Department of Labor said that the number of individuals filing for initial jobless benefits in the U.S. last week fell by 18,000 to a seasonally adjusted 324,000, the lowest level since January 2008.

Separate reports showed that the U.S. trade deficit narrowed more-than-expected in January, while U.S. non-farm productivity rose less-than-expected in the first quarter.

Market players were looking ahead to Friday’s highly-anticipated U.S. monthly jobs report to further asses the strength of the country’s economy and the need for further stimulus from the Federal Reserve.

Elsewhere, the ECB cut the benchmark interest rate by 0.25 basis points to a record-low 0.5%.

Financial stocks were mostly higher, as shares in JP Morgan added 0.08% and Bank of America edged up 0.08%, while Citigroup gained 0.39%.

Goldman Sachs underperformed on the other hand, sliding 0.62% amid reports the U.S. lender's deal with U.K. officials that saved the bank as much as USD31 million in taxes will be reviewed by a U.K. court at a two-day hearing starting Thursday.

Among earnings, General Motors posted stronger-than-expected earnings, sending shares in the automaker surging 3.28%.

Adding to gains, Facebook rallied 3.06% after the social-networking giant posted revenue that exceeded market expectations, as the company's mobile ad revenues continued to gain.

Elsewhere, Yelp saw shares soar 19.68% after the consumer-review website reported revenue that beat analysts' estimates and forecast second-quarter revenue above expectations.

On the downside, Kellogg tumbled 1.04% after the cereal maker reported lower earnings, but said it was on pace to meet its full-year goals.

Other stocks in focus included AIG, Gilead Sciences and Kraft Foods, scheduled to report earnings after the closing bell.

Across the Atlantic, European stock markets were mixed to lower. The EURO STOXX 50 eased 0.04%, France’s CAC 40 slipped 0.20%, Germany's DAX climbed 0.42%, while Britain's FTSE 100 slid 0.33%.

During the Asian trading session, Hong Kong's Hang Seng Index slid 0.30%, while Japan’s Nikkei 225 Index retreated 0.76%.