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11:00 am : Stocks have extended their gains.  Each of the major indices is trading near their session highs.

The advance follows a retreat in oil prices.  Crude had been up as much as 2% early on, but recently fell as much as 0.5%.  It is currently trading just below the unchanged mark.

The energy sector is faltering as a result.  It is currently down 0.7%, near its session low.  The energy sector is still up 0.8% week-to-date.  Although, until the session's decline, energy had been sporting the strongest week-to-date advance.

Oil exploration and production companies have been behind the moves.  The industry group is up 2.6% week-to-date, despite a 2.8% drop this session.DJ30 +137.36 NASDAQ +19.10 SP500 +10.00 NASDAQ Adv/Vol/Dec 1636/376 mln/818 NYSE Adv/Vol/Dec 1888/191 mln/930

10:30 am : The Dow Jones Industrial Average is outperforming the S&P 500 and the Nasdaq.  Only four Dow components are trading lower.

The Dow's best performer is Caterpillar (CAT 71.11, +1.55).  The company stated it expects weakness in rich countries in coming periods, but believes China will still be strong, according to Reuters.

The advance in crude prices has softened.  Oil futures are now trading near the unchanged mark, or a bit above $118.  Earlier they were trading near $120.  Week-to-date, oil remains 3.4% higher.

Energy is trading off earlier levels as well.  Energy had been up as much as 0.8% shortly after opening, but is now trading near the unchanged mark.DJ30 +97.06 NASDAQ +11.00 SP500 +7.83 NASDAQ Adv/Vol/Dec 1400/241 mln/940 NYSE Adv/Vol/Dec 1798/122 mln/943

10:00 am : Gains fluctuate, but stocks continue to sport a solid advance.

Distillers and vintners compose one of the worst performing industry groups.  The underwhelming showing is largely attributable to Brown Forman (BFB 72.04, -4.98).  The maker of whiskeys and spirits announced earlier today earnings per share results that missed the consensus estimate, despite year-over-year accretion.

One of the better performing groups is thrifts and mortgages.  Its advance is owed to Fannie Mae (FNM 6.85, +0.36) and Freddie Mac (FRE 5.09, +0.34).  Fannie announced after yesterday's close a shake-up affecting its chief financial officer, chief risk officer, and chief business officer.  Fannie's chief executive, however, remains unaffected.  The new appointments will be responsible for controlling credit losses, conserving capital, and providing liquidity to the mortgage market.DJ30 +103.65 NASDAQ +13.69 SP500 +9.23 NASDAQ Adv/Vol/Dec 1356/97 mln/748 NYSE Adv/Vol/Dec 1849/48 mln/581

09:45 am : Stocks have opened in positive territory.  All three of the major indices are sporting solid gains.

All ten of the major economic sectors are moving higher.  Consumer staples (+0.1%) is currently the primary laggard, while the influence of financials (+1.2%) provides leadership.  Telecom (+1.6%) is the best performing sector, though.

The interest in stocks, bolstered by a better-than-expected second quarter GDP reading and a reduction in weekly jobless claims, has put pressure on Treasuries.  The resiliance of the U.S. economy is encouraging to equity investors looking for a higher return than offered by government debt.  The benchmark 10-year Note is down 10 ticks.DJ30 +90.79 NASDAQ +14.56 SP500 +9.49

09:15 am : S&P futures vs fair value: +8.0. Nasdaq futures vs fair value: +9.0.  Stock futures remain improved from earlier levels, continuing to indicate a positive start to trading Thursday.  Sentiment improved with better-than-expected GDP data, offsetting the threat of higher oil prices.

09:00 am : S&P futures vs fair value: +8.3. Nasdaq futures vs fair value: +11.3.  Stock futures remain improved from earlier levels and indicate an upward start.  Clothing and apparel retailers Genesco (GCO), Coldwater Creek (CWTR), and Men's Wearhouse (MW) all announced better-than-expected earnings results for the latest quarter, excluding extraordinary items.  Their respective outlooks, however, were mixed.  Genesco issued upside guidance, and Coldwater Creek announced a forecast that is in-line with the consensus forecast.  Men's Wearhouse issued downside guidance.  Meanwhile, Sears Holdings (SHLD) missed the consensus earnings per share estimate of $0.33, by bringing in just $0.21 per share, excluding reserves.  Williams-Sonoma (WSM) bested the consensus earnings per share estimate by $0.01, bringing in $0.08 per share, but it issued downside guidance.

08:30 am : S&P futures vs fair value: +5.3. Nasdaq futures vs fair value: +4.5.  Stock futures are bouncing higher on news that second quarter GDP has been upwardly revised to reflect growth of 3.3% from the rate of 1.9% indicated in the advance reading last month.  Economists, on average, expected the revised number to come in at 2.7%.  The personal consumption component was up 1.7%.  It was expected to come in at 1.6% after the advance reading of 1.5%.  Core personal consumption expenditures increased 2.1%, which is in stride with the rate that was forecast by economists and the advance reading.  The GDP price index was 1.2%, which is more than the 1.1% rate that was widely expected and that was also posted initially.  Separately, initial jobless claims for the week ending August 23 totaled 425,000, down from the prior week's 435,000 claims and even with the level economists estimated.  Continuing claims climbed to 3.423 million from the previous week's 3.359 million continuing claims.  The consensus estimate called for continuing claims of 3.39 million.

08:00 am : S&P futures vs fair value: +0.2. Nasdaq futures vs fair value: -3.0.  Stock futures currently indicate a relatively flat start to Thursday's action.  Oil futures continue to move higher, approaching $120 per barrel.  Oil prices have advanced in recent sessions amid persistent concerns Hurricane Gustav will force a production halt.  On the earnings front, retail jewelers Tiffany & Co. (TIF) and Zale Corp. (ZLC) both posted better-than-expected results.  Tiffany earned $0.63 per share, besting the consensus of $0.55 per share, while Zale posted a loss of $0.48 per share, which was less severe than the loss of $0.57 per share that analysts forecast.  Due at the bottom of the hour is the preliminary second quarter GDP report, which will garner attention from economists seeking revisions to the advanced second quarter GDP report released last month.

06:21 am : S&P futures vs fair value: +0.1. Nasdaq futures vs fair value: -1.0.  

06:21 am : FTSE...5543.90...+18.50...+0.3%. DAX...6318.25...-2.78...-0.0%.

06:21 am : Nikkei...12768.25...+15.29...+0.1%. Hang Seng...20972.29...-492.43...-2.3%.