Stocks rise after better-than-expected GDP report

Stocks rose moderately Friday after the government's gross domestic product report showed that the US economy grew at its fastest pace in six years.

The Commerce Department said GDP grew at an annual rate of 5.7 percent during the fourth quarter, easily topping economists' forecast of 4.5 percent.

The strong GDP report could get the market back on track after a 10-month rally stalled earlier this month. Shares have been falling since hitting a 15-month high last week.

Concerns have been mounting that potential new regulations coming out of Washington could upend a fragile economic recovery. President Barack Obama's calls last week to restrict trading by big financial institutions helped spark the sell-off. He has provided scant details about the bank overhaul plan to help alleviate any concerns.

The president is planning to announce further details about a plan to provide small businesses with tax credits that boost hiring. A high unemployment rate - it remains at 10 percent - is one of the biggest obstacles the country faces as it tries to recover from the worst recession since the Great Depression.

In morning trading, the Dow Jones industrial average rose 68.54, or 0.7 percent, to 10,189.00. The Standard & Poor's 500 index rose 7.27, or 0.7 percent, to 1,091.80, while the Nasdaq composite index rose 20.01, or 0.9 percent, to 2,199.01.