Wall Street gains on GDP data; on track for strong week

Stocks rose on Friday, putting the S&P 500 on track for its best week in five months, as unexpectedly strong data on economic growth increased confidence that the recovery was accelerating. Gross domestic product grew at an annual rate of 4.1 percent in the third quarter, the fastest pace in almost two years, and exceeding the 3.6 percent pace reported earlier this month. Until recently, investors have viewed positive data as a negative, as it suggested that the Federal Reserve would begin to trim its stimulus program. "If tapering had not been announced, I don't think this news would be as welcomed by the market as it is right now," said Nicholas Colas, chief market strategist at the ConvergEx Group in New York.

via Business News - Yahoo Finance http://finance.yahoo.com/news/stock-futures-climb-economic-confidence-121450410.html