U.S. stock indices extended gains amid strong reports on the U.S. economy. Revised data showed on Thursday that U.S. gross domestic product expanded by 3.7% in the second quarter compared to an initial reading of +2.3%. Consumer spending and business investment were revised up.

Meanwhile stocks of S&P's energy companies rose by 4.9% on higher oil prices.

The Dow Jones Industrial Average gained 369.26 points, or 2.3%, to 16654.77 (all of its 30 components posted gains). The S&P 500 rose 47.15 points, or 2.4%, to 1987.66. The Nasdaq Composite gained 115.17 points, or 2.45%, to 4812.71.

Gains in U.S. and Chinese stocks helped Asian indices advance.

This morning in Asia Hong Kong Hang Seng advanced by 0.50%, or 110.07 points, to 21,948.61. China Shanghai Composite Index rose 1.93%, or 59.43 points, to 3,143.02. The Nikkei surged 3.20%, or 593.83 points, to 19,168.27.

On Thursday China's central bank requested state-owned banks to buy more yuan on its behalf.

Japanese stocks rose amid strong U.S. GDP data, a slightly weaker yen and favorable inflation and retail sales data. The core consumer price index was unchanged in July compared to the same period a year ago after a 0.1% growth in June. However this small gain was welcomed by the Bank of Japan, which struggles to get rid of deflation.