US markets close higher on strong earnings, jobless data

The US equity markets closed off their best levels Thursday, but the major indices still managed to finish higher as investors cheered a batch of better-than-expected earnings and an upbeat jobless claims report.

Stocks eased off their highs after Federal Reserve chairman Ben Bernanke said vulnerabilities remain in markets and regulators must be vigilant, speaking at a meeting of the panel of regulators known as the financial stability oversight council.

The Dow Jones industrial average rose 24.50 points to 14,700.80. The S&P 500 gained 6.37 points to close at 1,585.16. The Nasdaq Composite gained 20.33 points to 3,289.99.

On economic data front, jobless claims declined 16,000 last week to a seasonally adjusted 339,000. Analysts had expected 351,000 new claims last week.

In key data to watch out for in the US today, GDP for the first quarter is seen rising 3.1 percent. Meanwhile consumer sentiment data may come in at 73.

European markets closed mixed. Shares got a boost from the news that the UK avoided a triple-dip recession in the first quarter. Markets initially had moved lower on the news that Spanish unemployment reached a record high in the first quarter.

In the currency space, the euro stayed above 1.30 to the dollar. The dollar index is around 82.75 levels.

In commodities, Brent crude prices are above USD 102 a barrel. Gold surged more than 2 percent, climbing to its highest in 10 days helped by a weaker dollar and firm prices in other commodities.