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NEW YORK (CNNMoney)
The Dow, S&P 500 and Nasdaq all gained in early trading.
The government announced Thursday that the economy grew at a solid 3.2% pace in the third quarter, driven by strong consumer spending and exports. That figure beat economists' expectations, and although it's not indicative of gangbusters growth, the data seems to show the economy is moving forward modestly.
U.S. stocks fell more than 1% Wednesday after the Fed said it was cutting another $10 billion per month from its economic stimulus program. Investors were disappointed the central bank didn't address the recent trouble in emerging markets.
Stocks around the world have been rattled in this week as investors worry about an emerging markets currencies sell-off sparked by a reduced flow of cheap money.
Related: Fear & Greed Index remains in extreme fear
But a healthy batch of corporate earnings helped lift sentiment.
Visa (V, Fortune 500) shares rose on better-than-expected results. The credit and debit card processing company has the biggest weighting in the Dow.
Facebook (FB, Fortune 500) shares soared 14% to a new all-time high following strong quarterly sales and earnings. The social media giant's results showed the company has made huge strides in mobile advertising. Shares of rival Twitter (TWTR), which reports its results next week, also soared. The two stocks the biggest gainers in CNNMoney's Tech 30 index.
Google (GOOG, Fortune 500) jumped after the company announced it was selling its Motorola Mobility smartphone business to China's Lenovo for $2.9 billion. Google will report its fourth-quarter earnings after the closing bell. So will Amazon (AMZN, Fortune 500).
Shares of Under Armour (UA) surged its earnings blew past Wall Street expectations.
Related: CNNMoney's Tech 30
European markets moved mostly higher in afternoon trading, but Asian markets ended in the red. Japan's Nikkei dropped 2.5%. 
First Published: January 30, 2014: 9:49 AM ET
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