NEW YORK (CNNMoney.com) — The stock advance picked up speed Friday morning after a report showed that the U.S. economy grew at a 5.7% annual rate last quarter, the fastest pace in six years.

The Dow Jones industrial average (INDU) rose 100 points, or 1% over an hour into the session. The S&P 500 index (SPX) rose 10 points, or 0.9%. The Nasdaq composite (COMP) rose 19 points, or 0.9%.

The stronger-than-expected GDP report seemed to soothe some of the worries that the stock market has gotten ahead of the recovery. Such fears played a role in the big selloff over the last week, after the major gauges peaked at over 15-month highs. Worries about China’s bank reserves and the Obama administration’s plan to restrict trading by big banks also drove the selling.

Stocks tumbled Thursday after a cautious outlook from Qualcomm decked techs. A Standard & Poor’s report saying the U.K.’s banking system is no longer one of the most stable and low risk also played a role in the selling.

On the upside, Federal Reserve Chairman Ben Bernanke was confirmed for a second term Thursday, ending the uncertainty that has hung over the market of late.

GDP: Gross Domestic Product, the broadest measure of the economy, grew at a 5.7% annual rate in the fourth quarter, better than forecast and more than double the pace it grew in the third quarter. Economists surveyed by Briefing.com thought GDP would grow at a 4.7% annual rate after it grew at a 2.2% rate in the previous quarter.

Earnings: Rosy results from Microsoft (MSFT, Fortune 500) and Amazon (AMZN, Fortune 500) may help sustain stock gains. Microsoft posted profit and sales that topped estimates after U.S. markets closed Thursday. Amazon also reported better-than-expected results.

Jobs: President Obama is due to unveil a $33 billion package of tax credits aimed at job creation on Friday. The plan is part of his vow to spur job creation.

World markets: Asian shares took another beating as investors took cues from Wall Street’s losses. But in Europe, the mood was brighter, with major indexes posting gains in afternoon trading.

Cash and bonds: The dollar rose against the euro, the yen and the British pound. The price of the 10-year note fell, pushing up the yield to 3.66%.

Gold and oil: The price of gold slipped $3.20 per ounce to $1,080.40. The price of oil rose 75 cents to $74.39 per barrel.

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