US stocks open higher as data eyed

U.S. stocks opened higher on Friday, rebounding from Thursday' s selloff, as investors kept an eye on economic data.

The manufacturing ISM index is expected in the morning session. Analysts expected the data might show a modest rise to 52 in April.

Construction spending data for March is also expected to have risen in March after slipping in February.

U.S. stocks dropped Thursday as a spate of downbeat corporate results and mixed economic data revealed a recent downshift in the U.S. economy, dampening market sentiment.

In the week ending April 25, the advance figure for seasonally adjusted initial jobless claims was 262,000, a decrease of 34,000 from the previous week's revised level, the U.S. Labor Department said Thursday. The latest reading was the lowest level in 15 years and below market consensus.

U.S. real gross domestic product (GDP) increased at an annual rate of 0.2 percent in the first quarter this year, according to an advanced estimate released by the U.S. Commerce Department on Wednesday.

The first quarter GDP showed a sharp slowdown from the fourth quarter' s 2.2 percent pace and below expectations of 1 percent growth.

Shortly after the opening bell, the Dow Jones Industrial Average surged 120.94 points, or 0.68 percent, to 17,961.46. The S&P 500 increased 12.32 points, or 0.59 percent, to 2,097.83. The Nasdaq Composite Index soared 36.80 points, or 0.74 percent, to 4,978.23.