NEW YORK (CNN/Money) - Stocks jumped Friday morning, as investors welcomed a report showing faster-than-expected economic growth in the third quarter despite the damage from this year's hurricanes.

The Dow Jones industrial average (up 52.11 to 10,282.06, Charts), the broader S&P 500 (up 6.56 to 1,185.46, Charts) index and the Nasdaq composite (up 13.08 to 2,076.89, Charts) all rose in the early going.

The major gauges fell for three straight sessions as Wall Street weighed rising bond yields, discouraging earnings forecasts and other concerns.

But the gross domestic product report trumped any such concerns Friday, reassuring investors that the economy held up despite the considerable challenges of the fall.

The U.S. economy withstood hurricanes Katrina and Rita and grew at a faster-than-expected 3.8 percent annual rate in the third quarter, the government reported Friday. Economists surveyed by Briefing.com thought it would grow at a 3.6 percent annual rate. GDP grew at a 3.3 percent annual rate in the second quarter.

The report's key inflation indicator showed only mild expansion, which also served to reassure investors.

In corporate news, Microsoft (up $0.40 to $25.29, Research) posted fiscal first-quarter earnings and revenue late Thursday that rose from a year ago and topped estimates. The tech leader also issued a second-quarter earnings and revenue forecast that fell short of expectations. However, shares inched higher.

Shortly after the open, the University of Michigan releases its revised consumer sentiment index for October. The index is expected to be revised up to 76.2 from 75.4.

U.S. light crude oil for December delivery fell 7 cents to $61.02 a barrel in electronic trading.

Treasury prices inched higher, lowering the 10-year note yield to 4.54 percent from 4.56 percent late Thursday. Treasury prices and yields move in opposite directions.

The dollar gained versus the euro and was little changed versus the yen.

COMEX gold fell $2.60 to $473 an ounce.

In global trade, major Asian markets ended lower and European markets were mixed at midday.