North American stock markets close higher Thursday, buoyed by positive news on the U.S. economy.

The Commerce Department reported that gross domestic product grew at an annualized rate of 2.4% in the April-June period.

That’s well ahead of the 1.5% rate that had been anticipated.

Also, the Labour Department said American jobless claims stayed below the 400,000 level last week, coming in at 388,000.

And the Chicago Purchasing Managers index rose from 52.5 to 55.9, much better than the expected 53.8. This brightened expectations for Friday’s Institute of Supply Management index on the U.S. manufacturing sector.

In Toronto, the S&P/TSX composite index gaining 52.93 points to 7,257.92, led by strong showings in the information technology sector.

Nortel advanced 18¢ to $4.16 and Research In Motion climbed $3.34 to $33.79.

In earnings news, Thomson reported a 25% rise in second-quarter profit to $116 million US, thanks to cost-cutting and currency swings. Its shares were up 43¢ to $42.15 Cdn.

Shares in Petro-Canada fell 11¢ to $53.98 after second-quarter profit was up 83% at $588 million and revenue increased 16% to $2.83 billion.

Suncor’s quarterly earnings fell by almost half to $121 million because of a month-long oilsands maintenance shutdown and tax changes. Its shares lost 15¢ to $25.65.

Precision Drilling rose 62¢ to $51.08 after its second-quarter profit more than tripled to $10.9 million.

Royal Group Technologies called its results “unacceptable” after losing $1.6 million, with quarterly sales down nine% to $525 million. Its shares sagged 43¢ to $10.37.

Investors Group, Canada’s largest mutual fund company, earned $134.5 million in the April-June period, down almost 1% from $135.8 million in the year-ago period. Its shares rose 25¢ to $29.

Media giant Quebecor Inc. had a loss of $28.1 million in the second quarter, compared to a profit of $27.1 million a year ago, as lower profits and large restructuring charges at its commercial printing division dragged down the communications conglomerate’s results.

On the TSX, advances beat declines 619 to 518, with 194 unchanged.

Toronto market volume was 205.1 million shares worth $2.96 billion.

The junior TSX Venture composite index added 24.04 points to 1,217.49.

In New York, the Dow Jones industrial average closed up 33.75 points at 9,233.8. It was as much as 161points during the session.

The tech- heavy Nasdaq composite index gained 14.23 points to 1,735.14, while the S&P 500 advanced 2.82 to 1,003.66.

The Canadian dollar continued to drop in the wake of a stronger American currency. The loonie slipped 0.22 of a cent to US71.18¢.