Wall Street stocks saw a mixed start to Thursday, as traders digested the latest economic data ahead of the Good Friday holiday.

The Dow Jones Industrial Average advanced 0.2 percent to 39,829.51.

The broad-based S&P 500 Index was flat at 5,247.74, while the tech-heavy Nasdaq Composite Index retreated 0.2 percent to 16,363.03.

While the Commerce Department made a surprise upward revision to fourth quarter GDP growth, to an annual rate of 3.4 percent, analysts noted this was backward-looking information.

But it would reinforce the belief that the economy performed better than anticipated despite the Federal Reserve holding interest rates at elevated levels, said Patrick O'Hare of Briefing.com.

Initial jobless claims decreased for the week ending March 23, with the relatively low level suggesting employment conditions were still favorable for economic growth, he added.

Looking ahead, markets would be eyeing the Fed's preferred inflation gauge released on Friday for hints on whether policymakers would be inclined to wait further before lowering interest rates.

"With the S&P 500 closing a record high yesterday, one could venture to say that there is an ample level of contentment going into the holiday weekend that helps explain why there isn't much conviction at this point in today's trade," O'Hare noted.