(RTTNews) - Stocks moved higher at the start of trading on Thursday, with the major averages seeing some further upside after turning in a strong performance in the previous session. The initial upward move came on the heels of the release of some better than expected economic data.

Before the start of trading, the Commerce Department released a report showing that second quarter GDP grew at an annual rate of 3.3 percent in the second quarter compared to the advance estimate of 1.9 percent growth.

Resource stocks are helping to lead the way higher in early trading, with gold stocks posting notable gains amid a significant increase in the price of the precious metal. Airline, housing, and financial stocks are also seeing early strength.

The major averages have seen some further upside in the past few minutes, rising to new highs for the young session. The Dow is currently up 85.98 at 11,588.49, the Nasdaq is up 13.14 at 2,395.60 and the S&P 500 is up 9.33 at 1,290.99.

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Posted in Categories: Economy, Releases, USA.

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