NEW YORK (CNNMoney)
U.S. stocks advanced slightly as investors weighed stronger economic data against the prospect of the Federal Reserve scaling back its bond purchase program as soon as next month.
The Dow Jones industrial average, the S&P 500 and Nasdaq all edged up in early trading.
The nation's second-quarter gross domestic product -- the broadest measure of economic growth -- rose at a 2.5% annualized pace, according to a revised estimate from the Bureau of Economic Analysis. That's up from a previous estimate of 1.7% and better than what economists were expecting.
A drop in jobless claims was another positive economic sign. Claims fell last week to 331,000, just slightly above what analysts were expecting.
Investors are closely monitoring all economic news to anticipate when the Fed will begin curtailing its $85 billion a month bond-buying program. Signs of a strengthening economy support predictions that the Fed could start pulling back as soon as next month.
That prospect has made investors nervous for the past few months, as the Fed's stimulus has been a major factor pushing up stock prices for the last few years.
Related: Why Russia, Iran and China are standing by Syria
Meanwhile, investors were relieved that the prospect of an imminent U.S.-led military action against Syria appeared to be receding. Oil and gold prices were lower following big gains earlier this week due to fears of an escalation in the Syrian conflict.
U.S. stocks managed a modest rebound Wednesday, after posting a sharp drop Tuesday in reaction to strong talk of a military strike.
Related: Fear & Greed Index
European markets were all higher in afternoon trading, with London leading the way. The benchmark FTSE 100 index got a boost as Vodafone (VOD) shares rallied after the mobile phone company confirmed it was in talks to sell its 45% stake in Verizon Wireless to joint-venture partner Verizon Communications (VZ, Fortune 500).
Asian markets ended mostly positive, as investors shrugged off their worries about Syria. Japan's Nikkei jumped up by nearly 1%, while Hong Kong's Hang Seng rallied by 0.8%. The Shanghai Composite dipped 0.2%.
First Published: August 29, 2013: 9:56 AM ET
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