US stocks rise, helped by Facebook, GDP

Associated Press
FILE -In this Wednesday, Jan. 29, 2014, file photo, specialist Paul Cosentino works at his post on the floor of the New York Stock Exchange. Shares were lower Thursday Jan. 30, 2014 as weak economic data from China and Japan deepened jitters over ongoing reductions in U.S. monetary stimulus. (AP Photo/Richard Drew)

NEW YORK (AP) — Stocks are higher on Wall Street after the government reported strong growth in the U.S. economy and Facebook had a big earnings gain.

The market was recovering from a steep decline the day before.

The Dow Jones industrial average rose 149 points, or 1 percent, to 15,888 as of noon Eastern time Thursday.

The Standard & Poor's 500 index climbed 22 points, or 1.3 percent, to 1,796. The Nasdaq jumped 80 points, or 2 percent, to 4,131.

Facebook rose $8.51, or 16 percent, to $62.05. The social media company reported results late Wednesday that were better than investors were expecting, thanks partly to growth in mobile advertising revenue.

The government reported that the U.S. economy grew at a 3.2 percent annual rate in the final three months of last year.