Investing.com - U.S. stock markets opened higher on Wednesday, following the release of upbeat U.S. economic growth and employment data.
Investors now looked ahead to the release of the Federal Reserve's highly anticipated policy statement later in the session.
During early U.S. trade, the Dow Jones Industrial Average rose 0.4%, the S&P 500 index added 0.4%, while the Nasdaq Composite index advanced 0.5%.
The Bureau of Economic Analysis said earlier that U.S. gross domestic product grew at a seasonally adjusted annual rate of 1.7% in the three months to June, crushing expectations for growth of 1%.
The data showed that personal consumption grew 1.8% in the second quarter, above expectations for 1.6%. Consumer spending typically accounts for nearly 70% of U.S. economic growth.
The robust GDP report came after payroll processing firm ADP said non-farm private employment rose by a seasonally adjusted 200,000 in July, above expectations for an increase of 180,000.
While not viewed as a reliable guide for the government jobs report due Friday, it does give guidance on private-sector hiring.
Market participants now looked ahead to the Fed's upcoming policy statement due later in the day on hopes the central bank could offer more clues on when it could slow the pace of its monthly bond purchases.
In earnings news, credit card giant MasterCard saw shares rally 3.5% after reporting second quarter profit of USD848 million, or USD6.96 per share, compared to USD700 million, or USD5.55 per share, a year earlier.
Software company Symantec saw shares surge 7.4% after its fiscal first quarter earnings exceeded expectations.
Shares in Comcast, the largest U.S. cable broadcaster, gained 3.3% after reporting earnings per share of USD0.65 for the second quarter, above expectations for USD0.63 per share. The firm posted revenue of USD16.3 billion, beating forecasts for revenue of USD16 billion.
Meanwhile, social media network Facebook climbed 1% to trade above the USD38-level for the first time since its May 2012 IPO.
Across the Atlantic, European stock markets were mixed, following the release of data which painted a mixed picture of the German economy.
The EURO STOXX 50 eased up 0.1%, France’s CAC 40 was little changed, Germany's DAX edged down 0.3%, while Britain's FTSE 100 gained 1.1%.
Official data earlier showed that the number of unemployed people in Germany fell for the second consecutive month in July, while the country’s jobless rate held steady.
Germany's Federal Statistics Office said the number of unemployed people fell by a seasonally adjusted 7,000 in July, compared to expectations for a decline of 4,000.
A separate report showed that retail sales declined 1.5% in June, disappointing expectations for a 0.4% rise, after an increase of 0.7% the previous month.
During the Asian trading session, Hong Kong's Hang Seng Index lost 0.5%, while Japan’s Nikkei 225 Index dropped 1.4% as the yen strengthened against the U.S. dollar.
Investors now looked ahead to the release of the Federal Reserve's highly anticipated policy statement later in the session.
During early U.S. trade, the Dow Jones Industrial Average rose 0.4%, the S&P 500 index added 0.4%, while the Nasdaq Composite index advanced 0.5%.
The Bureau of Economic Analysis said earlier that U.S. gross domestic product grew at a seasonally adjusted annual rate of 1.7% in the three months to June, crushing expectations for growth of 1%.
The data showed that personal consumption grew 1.8% in the second quarter, above expectations for 1.6%. Consumer spending typically accounts for nearly 70% of U.S. economic growth.
The robust GDP report came after payroll processing firm ADP said non-farm private employment rose by a seasonally adjusted 200,000 in July, above expectations for an increase of 180,000.
While not viewed as a reliable guide for the government jobs report due Friday, it does give guidance on private-sector hiring.
Market participants now looked ahead to the Fed's upcoming policy statement due later in the day on hopes the central bank could offer more clues on when it could slow the pace of its monthly bond purchases.
In earnings news, credit card giant MasterCard saw shares rally 3.5% after reporting second quarter profit of USD848 million, or USD6.96 per share, compared to USD700 million, or USD5.55 per share, a year earlier.
Software company Symantec saw shares surge 7.4% after its fiscal first quarter earnings exceeded expectations.
Shares in Comcast, the largest U.S. cable broadcaster, gained 3.3% after reporting earnings per share of USD0.65 for the second quarter, above expectations for USD0.63 per share. The firm posted revenue of USD16.3 billion, beating forecasts for revenue of USD16 billion.
Meanwhile, social media network Facebook climbed 1% to trade above the USD38-level for the first time since its May 2012 IPO.
Across the Atlantic, European stock markets were mixed, following the release of data which painted a mixed picture of the German economy.
The EURO STOXX 50 eased up 0.1%, France’s CAC 40 was little changed, Germany's DAX edged down 0.3%, while Britain's FTSE 100 gained 1.1%.
Official data earlier showed that the number of unemployed people in Germany fell for the second consecutive month in July, while the country’s jobless rate held steady.
Germany's Federal Statistics Office said the number of unemployed people fell by a seasonally adjusted 7,000 in July, compared to expectations for a decline of 4,000.
A separate report showed that retail sales declined 1.5% in June, disappointing expectations for a 0.4% rise, after an increase of 0.7% the previous month.
During the Asian trading session, Hong Kong's Hang Seng Index lost 0.5%, while Japan’s Nikkei 225 Index dropped 1.4% as the yen strengthened against the U.S. dollar.