NEW YORK (CNNMoney.com) - Stocks opened higher Wednesday as investors shrugged off a revision to economic growth and looked to break a four-session losing streak.

The Dow Jones industrial average (down 30.98 to 10,805.55, Charts) rose nearly 0.5 percent in the first 10 minutes of trading.

The S&P 500 index (up 1.58 to 1,261.20, Charts) and the Nasdaq composite (up 4.69 to 2,227.11, Charts) both posted smaller gains.

Investors have been awaiting the traditional "Santa Claus" rally that typically takes the market higher in the last trading days of the year. But some are worried that the market has already seen its best gains this year after the November rally.

The economy grew slightly less strongly in the third quarter than previously thought and prices picked up, the Commerce Department said, though the pace of expansion remained the strongest since the beginning of 2004.

Gross domestic product, or total output within U.S. borders, expanded at a 4.1 percent annual rate in the July-September quarter, the government said in its final estimate of growth for the period.

Oil prices edged higher ahead of the weekly U.S. fuel inventory report.

The February light crude futures contract for NYMEX rose 20 cents to $58.29 a barrel in electronic trading, while the February contract for Brent crude added 29 cents to $56.46.

Major markets in Asia closed higher Wednesday as Japan's Nikkei hit a five-year high and South Korea's Kospi climbed to record levels.

Major European markets also rose in morning trading, hitting their highest levels in 3-1/2 years.

Bond prices edged lower, lifting the yield on the 10-year Treasury to 4.49 percent from the 4.46 percent level reached late Tuesday. Bond prices and yields move in opposite directions.

The dollar lost ground against the euro and yen after a big gain Tuesday.

In corporate news, General Motors (Research) shares, which fell to an 18-year low Tuesday, fell another 1.4 percent after tumbling nearly 6 percent Tuesday on news that shareholder Kirk Kerkorian had sold 12 million of his 56 million GM shares in order to take tax losses.

Seagate Technology (Research) said Wednesday it will buy rival computer disk-drive maker Maxtor (Research) for $1.9 billion in stock, a deal that would pay a premium of 60 percent for Maxtor shareholders based on Tuesday closing prices. Maxtor jumped 44 percent while Seagate stock lost 2 percent.

Technology stalwart IBM said it will buy software developer Micromuse (Research) for $865 million. The $10 a share price is nearly 39 higher from were Micromuse shares closed Tuesday, and the stock jumped 36 percent in the early going.

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