Bullish morning on Wall Street

NEW YORK (CNNMoney.com) -- Stocks surged Wednesday morning, as investors welcomed a better-than-expected read on economic growth, a mixed read on housing and some company news from Pfizer and Ford Motor.

The Nasdaq composite (up 18.74 to 2,431.35, Charts) added 0.7 percent around 75 minutes into the session.

The Dow Jones industrial average (up 74.18 to 12,210.63, Charts) added 0.5 percent, while the broader S&P 500 (up 8.43 to 1,395.15, Charts) index added almost 0.6 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.

A separate report showed that the pace of new home sales slowed at a faster-than-expected rate in October. However, the median price of a new home in the period jumped. (Full story).

In a busy day for economic news, the afternoon brings the release of the Fed's "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 $0.15 to $8.30, Charts) shares gained around 2 percent.

Pfizer (up $0.06 to $27.11, 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 were little changed Wednesday.

Fellow Dow stock Verizon Communications (up $0.45 to $34.85, Charts) gained on an A.G. Edwards upgrade, Briefing.com reported.

Other Dow gainers included Intel (up $0.34 to $21.32, Charts), Merck (up $0.63 to $44.30, Charts), AT&T (up $0.68 to $33.50, Charts) and Alcoa (up $0.56 to $30.76, Charts).

Market breadth was positive. On the New York Stock Exchange, winners beat losers four to one on volume of 370 million shares. On the Nasdaq, advancers topped decliners nine to four on volume of 550 million shares.

Treasury bond prices rose modestly, lowering the yield on the 10-year note to 4.49 percent from 4.50 percent late Tuesday. Treasury prices and yields move in opposite directions.

In currency trading, the dollar gained versus the euro and yen, following the GDP report.

U.S. light crude oil for January delivery rose $1.01 to $62 a barrel on the New York Mercantile Exchange after the weekly oil inventories report showed a surprise dip in crude, gas and distillate supplies.

COMEX gold fell 70 cents to $643 an ounce.

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