U.S. stocks rise after positive data; Dow Jones up 0.12%

Investing.com - U.S. stocks opened higher on Thursday, after the release of a string of positive U.S. economic reports, while investors continued to eye political developments in Italy.

During early U.S. trade, the Dow Jones Industrial Average added 0.12%, the S&P 500 index rose 0.24%, while the Nasdaq Composite index advanced 0.34%.

Industry data showed that Chicago's purchasing managers’ index rose to a seasonally adjusted 56.8 in February, an 11-month high, from a reading of 55.6 in January. Analysts had expected the index to dip to 54.3 in February.

The data came after U.S. gross domestic product was revised up to 0.1% from the three months to December, from an initial estimate for a 0.1% contraction, but came in below expectations for 0.5% growth.

Separately, the Department of Labor said jobless claims dropped 22,000 last week to a seasonally adjusted 344,000, compared to expectations for a decline of 6,000 to 360,000.

Meanwhile, investors remained cautious amid fears that Italy would not be able to continue to implement economic reforms following inconclusive election results.

Financial stocks were mostly higher, as shares in Citigroup added 0.21% and Bank of America rose 0.35%, while Goldman Sachs advanced 0.36%. JP Morgan underperformed on the other hand, slipping 0.18%.

Adding to gains, generic drugmaker Mylan surged 6.51%, after saying it will buy a unit of India's Strides Arcolab for USD1.6 billion.

Among earnings, Sears slipped 0.23%, after posting a fourth-quarter loss that was larger than it forecast last month, as sales fell for the sixth consecutive year.

In the same sector, J.C. Penney plunged 18.34% after reporting its sharpest sales drop since announcing a grand transformation plan 13 months ago.

Separately, Liberty Media, which holds a large stake in Barnes & Noble, said it had the power to block a sale of Barnes & Nobles' retail stores and it is waiting to see whether the bookseller's chairman Leonard Riggio will make an offer.

The news sent shares in Barnes & Noble down 0.83%.

Elsewhere, Groupon dove 24.45%, as the company revealed late Wednesday that it began to take a smaller cut of revenue on daily deals during the holidays, sacrificing revenue and profits to attract and keep merchants.

Other stocks in focus included business software provider Salesforce.com and clothes retailer Gap, expected to report results after the market close.

Across the Atlantic, European stock markets were higher. The EURO STOXX 50 advanced 0.46%, France’s CAC 40 rose 0.35%, Germany's DAX gained 0.78%, while Britain's FTSE 100 climbed 0.48%.

During the Asian trading session, Hong Kong's Hang Seng Index rallied 1.96%, while Japan’s Nikkei 225 Index surged 2.11%.