Investing.com - U.S. stocks opened higher Friday, as a bullish GDP report lifted equity sentiment across the board.
At the open of U.S. equity markets, the Dow Jones was up 0.12%. the S&P500 traded higher by 0.16% and the tech heavy Nasdaq pushed ahead by 0.33%.
Sparking the rally, Gross domestic product in the U.S. rose more-than-expected in the last quarter, preliminary official data showed on Friday.
In a report, the Bureau of Economic Analysis said that GDP rose to a seasonally adjusted annual rate of 2.0%, from 1.3% in the preceding quarter.
Analysts had expected U.S. gross domestic product to rise 1.9% in the last quarter.
Gloomy earnings and outlook statements from global giants such as Apple and Amazon, and European firms Renault and Gucci have steadily corroded the hopes of a recovery in the global economy.
Investors wanted to see that recovery confirmed by the U.S. gross domestic product data, especially with uncertainty growing over the budget problems in Washington, known as the fiscal cliff, which could depress business activity early next year.
Markets were also jittery amid ongoing uncertainty over when Spain will request a bailout and trigger the European Central Bank's bond-buying programme.
Tech stocks were expected to be active, after Apple delivered a second straight quarter of disappointing results and iPad sales fell well short of Wall Street's targets, sending shares down only 0.09% in pre-market trade.
The consumer goods sector was also likely to be in focus, amid reports Dean Foods Co's Morningstar business has attracted takeover interest from Michael Foods and Mexican dairy company Grupo Lala.
According to Reuters, the deal could be valued in the USD1 billion to USD1.5 billion range.
Separately, Wal-Mart Stores said it plans to open 100 more stores in China and create 18,000 jobs there over the next three years, in a bid to boost its presence in China's booming but highly competitive hypermarket sector.
Elsewhere, Amazon.com Inc saw shares tumbled 1.30% pre-market, after the company reported its first quarterly net loss in more than five years on Thursday, as the world's largest Internet retailer spent heavily and suffered from an economic slowdown in Europe.
Across the Atlantic, European stock markets soared higher with the EURO STOXX 50 up 0.48%, France’s CAC 40 higher by 0.65%, Germany's DAX soaring 0.48%, while Britain's FTSE 100 easing higher 0.04% in midsession trade.