The Toronto stock market advanced at the open with the U.S. Federal Reserve clearly in focus.

The S&P/TSX composite index gained 24.09 points to 12,033.99. Traders looked ahead to the afternoon release of the central bank's latest survey of regional economic conditions while awaiting a key speech by Fed chairman Ben Bernanke on Friday.

The Canadian dollar was up 0.05 of a cent to 101.29 cents US amid lower prices for oil and metals.

U.S. markets were little changed as other data showed that the second estimate of second-quarter gross domestic product showed the U.S. economy grew at a rate of 1.7 per cent, up from the original reading of 1.5 per cent.

The Dow Jones industrials were up 5.5 points to 13,108.49. The Nasdaq composite index was up 4.86 points at 3,082, and the S&P 500 index was 1.9 points higher at 1,411.2.

Oil was off seven cents at US$96.26 a barrel.