US STOCKS-Wall St higher after better-than-expected GDP data
* Q4 GDP increased at 1 pct annual rate
* J.C. Penney jumps after results
* Gap down after profit misses estimates
* Indexes up: Dow 0.57 pct, S&P 0.57 pct, Nasdaq 0.80 pct (Updates to open)
By Abhiram Nandakumar
Feb 26 (Reuters) - Wall Street was higher on Friday morning after data showed that a slowdown in U.S. economic growth was not as bad as expected.
Gross domestic product 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.
The market was also lifted by a near 4 percent spike in crude prices.
Global stocks rose as China reassured world leaders at the G20 summit that it would not devalue its currency again but look at other means to support its economy. Continuación...