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NEW YORK (CNNMoney) -- U.S. stocks were modestly higher Thursday, as investors sorted through the latest corporate results and economic data.
The Dow Jones Industrial Average rose 0.5%, while the S&P 500 and the Nasdaq both advanced 0.6%.
Procter & Gamble (PG, Fortune 500) was the biggest gainer on the Dow after it reported mixed quarterly results, but maintained its outlook for the full year. Rival consumer products maker Colgate (CL, Fortune 500) said earnings rose in the past quarter, even as sales declined. Colgate also announced a restructuring plan that includes cutting its workforce by 6% over the next four years.
Unilever (UL), another consumer name, reported solid third-quarter results as growth in emerging markets offset weakness in developed economies.
ConocoPhillips (COP, Fortune 500) said earnings fell 31% in the third quarter as oil prices sank.
Sprint (S, Fortune 500) reported a net loss in the third quarter that widened from the same period last year. Tech giants Apple (AAPL, Fortune 500) and Amazon (AMZN, Fortune 500) will report after the bell.
Related: Fear & Greed Index stuck in neutral
On the economic front, the government said initial jobless claims fell to 369,000 in the week ended October 20, down from 392,000 in the previous week. Economists had expected claims to fall to 375,000, according to a survey of analysts by Briefing.com.
The Census Bureau said new orders for durable goods rose 9.9% in September, up for the fifth month in a row. Durable goods orders were expected to have increased by 8%.
Pending home sales increased in September, according to the National Association of Realtors. The group's index of home sales that are in contract but not yet closed rose to 99.5 in September from 99.2 in August.
Related: 5 hot emerging market blue chips
In Europe, the UK government reported that the gross domestic product grew 1% in the third quarter, lifting the nation's economy out of recession.
European markets were higher in afternoon trading. Britain's FTSE 100 rose 0.4%, the DAX in Germany added 0.7% and France's CAC 40 rose 0.3%.
Meanwhile, Asian markets ended mixed. The Shanghai Composite lost 0.7%, while the Hang Seng in Hong Kong gained 0.2%. The Nikkei jumped 1.1% on hopes the Bank of Japan will ease monetary policy when it meets next week.
Companies: Zynga (ZNGA) shares surged after the social gaming firm reported sales on Wednesday that topped forecasts. Zynga also announced a partnership with bwin.party, an international gaming operator that will enable real money casino games like poker, slots and roulette in the UK.
Shares of F5 Networks (FFIV) sank after the network technology firm reported quarterly earnings Wednesday that missed expectations.
Meanwhile, online security firm Symantec (SYMC, Fortune 500) jumped 10% after offering strong guidance for the current quarter.
Shares of BestBuy (BBY, Fortune 500) fell after the retailer on Wednesday warned that sales in the third quarter would be weaker than expected, and announced a management shakeup.
Currencies and commodities: The dollar fell against the euro and the British pound, but gained against the Japanese yen.
Oil for December delivery rose 57 cents to $86.29 a barrel.
Gold futures for December delivery rose $14.30 to $1,716 an ounce.
Bonds: The price on the benchmark 10-year U.S. Treasury fell, pushing the yield up to 1.85% from 1.78% late Wednesday. 
First Published: October 25, 2012: 9:42 AM ET
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