At the close of U.S. trading, the Dow Jones Industrial Average finished up 0.11%, the S&P 500 index rose 0.20%, while the Nasdaq Composite index rose 0.75%.
The Commerce Department reported earlier that the U.S. gross domestic product expanded at an annual rate of 2.5% in the second quarter, above expectations for 2.2% growth and up from a preliminary estimate of 1.7%.
Separately, the Department of Labor reported that the number of individuals filing for initial jobless claims fell to its lowest level since October of 2007 last week.
Initial jobless claims in the week ending Aug. 23 fell by 6,000 to 331,000, outpacing consensus forecasts for a decline of 5,000.
Thursday's data drew applause on Wall Street, though the numbers did rekindle expectations that the Federal Reserve may begin to taper its USD85 billion monthly bond-buying program in September as opposed to later in the year.
Stimulus tools such as Federal Reserve asset purchases bolster stock prices by driving down interest rates, and talk of their dismantling often repels investors away from equities by fueling uncertainty as to how markets will react without monetary support.
Investors still remained wary over the possibility of a U.S.-led military strike against Syria's government following its alleged use of chemical weapons, although an attack seemed less imminent on Thursday due to complaints from U.S. lawmakers that they have not been properly consulted.
Furthermore, the U.K. and France said they would be willing to wait for results of a U.N. probe into Syria's alleged chemical attack, which eased concerns that an attack was imminent.
U.S. Defense Secretary Chuck Hagel said earlier Washington won't strike without allies.
Leading Dow Jones Industrial Average performers included Verizon, up 2.73%, Microsoft, up 1.64%, and Boeing, up 1.63%.
The Dow Jones Industrial Average's worst performers included Exxon Mobil, down 1.78%, Alcoa, down 1.39%, and McDonald's, down 1.29%.
European indices, meanwhile, finished higher.
After the close of European trade, the EURO STOXX 50 rose 0.55%, France's CAC 40 rose 0.65%, while Germany's DAX 30 finished up 0.45%. Meanwhile, in the U.K. the FTSE 100 finished up 0.82%.
On Friday, the U.S. is to round up the week with a report on manufacturing activity in Chicago and revised data from the University of Michigan on consumer sentiment as well as reports on personal income and personal spending.
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