U.S. stocks closed higher on Thursday as investors digested a batch of major economic data.

The Dow Jones Industrial Average was up 98.46 points, or 0.41 percent, to 24,216.05. The S&P 500 rose 16.68 points, or 0.62 percent, to 2,716.31. The Nasdaq Composite Index was up 58.60 points, or 0.79 percent, to 7,503.68.

The U.S. economy slowed more than previously estimated in the first quarter, weighed down by the weakest consumer spending in nearly five years.

The real gross domestic product (GDP) increased at an annual rate of 2.0 percent in the first quarter of 2018, the commerce department said in its third estimate released on Thursday.

Meanwhile, in the week ending June 23, the advance figure for seasonally adjusted initial claims was 227,000, an increase of 9,000 from the previous week's unrevised level of 218,000, said the labor department on Thursday.

The 4-week moving average was 222,000, an increase of 1,000 from the previous week's unrevised average of 221,000.

Wall Street continued to keep an eye on the trade tensions between Washington and its key trade partners as uncertainties remain, experts noted.