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NEW YORK (CNNMoney)
The Dow Jones Industrial Average, the S&P 500, and the Nasdaq gained between 0.3% and 0.5%.
The U.S. government's first estimate of second-quarter GDP showed the economy grew at a 1.7% annual rate. That was an improvement over the first quarter, which grew at a 1.1% annual rate.
Ahead of the GDP figures, payroll processor ADP said the private sector added 200,000 jobs in July, flying high about expectations.
That could spell big gains for the key monthly jobs report, due out Friday. The ADP report is usually seen as a precursor to the government's numbers.
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Eyes on the Fed: The Fed will release a statement around 2 p.m. ET that could provide more insight into the current mindset of policymakers.
The Fed's various stimulus programs have played a big role in fueling the current bull market, and investors are looking for any hints about when its latest $85 billion-a-month bond buying spree might ease.
Related: Investors are still greedy
Facebook is finally back: More than a year after its much-hyped initial public offering, Facebook's (FB) stock finally exceeded its IPO price. Shares topped $38 shortly after the market opened, before easing back. Facebook's stock has soared more than 40% since it reported strong earnings last week.
Ahead of the bell, Comcast (CMCSA) and MasterCard (MA, Fortune 500) both reported better-than-expected earnings and revenue.
Beverage bonanza: Diageo (DEO), the maker of Johnnie Walker, Guinness and many other name-brand alcoholic beverages, reported full-year results showing steady growth in sales and profits.
Shares of Anheuser Busch (BUD), the maker of Budweiser beer, soared after the company beat earnings forecasts.
Shares of industrial gas producer Air Products (APD, Fortune 500) rose after hedge fund manager Bill Ackman disclosed a 9.8% stake in the company.
Yelp (YELP), Allstate (ALL, Fortune 500) and Metlife (MET, Fortune 500) are reporting after the close.
European markets were mixed in afternoon trading. Asian markets also had a mixed day.
First Published: July 31, 2013: 9:47 AM ET
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