NEW YORK (CNNMoney)
The Dow Jones industrial average rose 0.2%, the S&P 500 added 0.3% and the Nasdaq gained 0.4%.
While jobless claims fell sharply last week, the government's second estimate of fourth-quarter GDP showed a nearly imperceptible gain of 0.1%. The revised reading ell short of the 0.5% growth economists were expecting.
Thursday marks the last trading day of February, which has largely been a dud for stocks. But following a massive rally in January, it hasn't been a surprise for stocks to pull back.
Even with the sluggish trading this month, all three indexes are still up roughly 6% to 7% for the year. The Dow is within 67 points, or 0.5%, of its all-time high, set in October 2007. The S&P 500 is just 3% away from its record high, also set in October 2007
U.S. stocks have rallied for the previous two sessions after Fed Chairman Ben Bernanke signaled to lawmakers that the central bank's easy money policies would remain in place for the foreseeable future.
On the corporate front, Barnes & Noble (BKS, Fortune 500) shares edged lower after the bookseller reported a 9% drop in quarterly sales and a net loss of $6 million. The company said that its Nook sales plummeted 26% compared with the year-ago quarter.
Department store chain Sears Holdings Corp (SHLD, Fortune 500) reported sales at stores open a year or more notched up 0.8% in the fourth quarter but fell 1.4% for the year. The company said that it has closed 300 Sears and Kmart stores, or 13% of its total, since 2006. Shares declined more than 1%.
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J.C. Penney (JCP, Fortune 500) shares tumbled after the retailer reported a dismal fourth-quarter loss and weak same-store sales.
Groupon (GRPN) shares plunged after the daily deals site's results missed already low expectations.
Shares of Sturm, Ruger & Co. (RGR) slipped even after the gun maker reported earnings that beat expectation. The company benefited from a surge in firearm sales on growing fears of new gun-control laws following the re-election of President Obama and the shooting in Newtown, Conn.
Clothing retailer Gap (GPS, Fortune 500) is on tap to report earning after the bell.
European markets were mostly higher in afternoon trading, drawing support from comments from European Central Bank President Mario Draghi that suggested the bank had room to relax policy further. Meanwhile, the European Union is planning to cap bankers' bonuses to rein in reckless risk taking.
Asian markets had a banner day. After the nomination of Haruhiko Kuroda to be Japan's next central banker, the Nikkei posted a 2.7% increase to its highest point since 2008. The Shanghai Composite rose 2.3% and the Hang Seng added 2%.
The dollar rose agaisnt the euro and the Japanese yen, but fell versus the British pound.
Oil priced rose slightly, while gold slipped.
The price on the 10-year Treasury rose, pushing the yield down to 1.89% from 1.90% late Wednesday. 
First Published: February 28, 2013: 9:56 AM ET
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