MARKET SNAPSHOT: U.S. Stocks Open Higher On Upbeat GDP

By Anora Mahmudova, MarketWatch

NEW YORK (MarketWatch) -- U.S. stocks rebounded Thursday after data showed the economy grew at a robust pace in the final quarter of last year, while upbeat earnings from Facebook Inc. and Visa Inc. boosted the tech sector.

On Wednesday, main indexes dropped 1% as turbulence in emerging markets sent investors for cover while the Fed announced it would trim its monthly bond-buying stimulus program by another $10 billion.

The S&P 500 (SPX) opened 12 points, or 0.7% higher at 1,786.56, pulling away from a key resistance level.

The Dow Jones Industrial Average (DJI) began the day 76 points, or 0.5%, higher at 15,815.30

The Nasdaq Composite (RIXF) gained 44 points, or 1.1%, to trade at 4,103.82 shortly after the opening bell. Read the stock market live blog.

The U.S. economy expanded rapidly in the final quarter of 2013, the Commerce Department said on Thursday, as consumers shrugged off a government shutdown, with the data fueling hopes of even faster growth ahead. The gross domestic product grew at 3.2% annual pace, largely in line with expectations.

The number of people who sought U.S. unemployment benefits near the end of January rose to the highest level in six weeks, but it's unclear whether the increase is the residue of holiday-season distortions or reflects a deterioration in the labor market. The less volatile four-week average rose by a fraction.

Technology stocks rallied after upbeat earnings from Facebook Inc. boosted sentiment earlier.

Facebook inc. shares (FB) surged 15.2% amid high volumes, after its quarterly results, announced after the market close on Wednesday, topped Wall Street's consensus.

Shares of Google Inc. (GOOG) rallied in after-hours trade on Wednesday following the company's announcement that it will sell its Motorola Mobility phone-hardware unit to Lenovo Group Ltd. Shares rose 2.3% ahead of earnings, which are due to be released after the closing bell.

Shares of Visa (V) rallied before the bell on higher quarterly earnings and revenue, but gains were pared and were up 0.7%.

ConocoPhillips (COP) shares edged lower after the company posted a profit of $2 a share for the fourth quarter.

Qualcomm Inc. (QCOM) shares rose 2.4% after the quarterly earnings beat forecasts late Wednesday.

In overseas markets, European stocks declined for a second day on the heels of China data, which showed confirmation of a January pullback in the country's manufacturing sector. That data also hit Asian markets. Yen strength leaned on the Nikkei Stock Average , which closed off 2.5%.

The dollar continued to strengthen along with the yen as pressure remained on emerging-market currencies such as the Turkish lira and Russian ruble. The Hungarian forint also saw pressure against the euro. Gold slipped, while crude oil prices rose following GDP data.

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