US STOCKS-Futures extend gains after GDP data
* Q4 GDP increased at 1 pct annual rate
* J.C. Penney jumps after results
* Futures up: Dow 114 pts, S&P 13 pts, Nasdaq 35 pts (Adds details, comment, updates prices)
By Abhiram Nandakumar
Feb 26 (Reuters) - U.S. stock index futures extended gains on Friday after data showed economic growth in the United States slowed less sharply than expected in the fourth quarter.
GDP increased at a 1 percent annual rate instead of the previously reported 0.7 percent pace. The economy grew at a rate of 2.0 percent in the third quarter.
Investors are also keeping an eye on oil prices, which have been a major driver of stocks this year. Crude was up more than 1 percent as traders closed short positions and demand for U.S. gasoline rose.
Global stocks rose as China reassured global financial leaders at the G20 summit that it would not devalue its currency again but look at other means to support its economy.
"Today's market is going to be all about oil and economic data," said Peter Cardillo, chief market economist at First Standard Financial in New York, adding that China's reassurance on the yuan was also a positive. Continuación...