Stocks pop on GDP

NEW YORK (CNNMoney.com) -- Stocks jumped Wednesday morning as investors welcomed an improved reading on gross domestic growth and some company news from Pfizer and Ford Motor.

The Nasdaq composite (up 15.42 to 2,428.03, Charts) added 0.6 percent in the early going.

The Dow Jones industrial average (up 33.24 to 12,169.69, Charts) added 0.3 percent, while the broader S&P 500 (up 6.17 to 1,392.89, Charts) index added almost 0.4 percent.

Stocks managed modest gains Tuesday in a late-session push higher after a sluggish session and following Monday's steep selloff.

Investors continued the push Wednesday morning, added by the GDP report.

GDP grew at a faster-than-expected 2.2 percent annualized rate in the third quarter, the government said, versus an initial read of 1.6 percent. Economists surveyed by Briefing.com thought GDP growth would be revised up to a 1.8 percent annualized rate.

The report helped quell some recent concerns about the speed of the economic slowdown, particularly amid the slump in the housing sector.

Investors get more info about housing shortly, when the October new home sales report is released. Later in the morning, the weekly crude oil inventories report is due and in the afternoon, the Fed releases its "beige book" survey of economic activity.

In corporate news, Ford Motor said that more than half of the automaker's U.S. factory work force have accepted offers to retire or resign, beating company targets. The greater-than-expected response to the buyout offer is seen as allowing the company to speed up its plant-closings and other cost-cutting efforts.

Ford (up $0.19 to $8.34, Charts) shares gained 1.5 percent.

Pfizer (up $0.40 to $27.45, Charts), a Dow component, said late Tuesday that it was cutting its U.S. sales force by 20 percent as a means of reducing costs. Shares gained about 1 percent Wednesday.

Treasury bond prices rose modestly, lowering the yield on the 10-year note to 4.48 percent from 4.50 percent late Tuesday. Treasury prices and yields move in opposite directions.

U.S. light crude oil for January delivery rose 40 cents to $61.39 a barrel in electronic trading.

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