US STOCKS-Wall St gains on strong GDP data; oil eases
* Crude prices up about 2 pct, off session highs
* Q4 GDP increased at 1 pct annual rate
* J.C. Penney jumps after results
* Indexes up: Dow 0.22 pct, S&P 0.39 pct, Nasdaq 0.48 pct (Adds details, changes comment, updates prices)
By Abhiram Nandakumar
Feb 26 (Reuters) - Wall Street inched higher on Friday after data showed that a slowdown in U.S. economic growth was not as bad as expected, but gains were capped as oil prices came off sessions highs.
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.
U.S. crude prices, a major stock market driver this year, rose nearly 5 percent but pared some of those gains and were up about 2 percent at 11:11 a.m. ET.
"We've been low on oil for so long that stable or slightly higher oil price is viewed positively as a stabilizing effect on the economy and stock market," said Mark Spellman, portfolio manager at Alpine Funds in New York. Continuación...