The rollercoaster ride on Wall Street continued overnight, this time with stocks rallying on the back of positive US economic data.

Driving the gains on the Street was the latest US GDP numbers, which showed the economy grew at a brisk 3.2% annual pace in the final quarter of 2013.

A significant climb in consumer spending fuelled most of the growth, and there was also a major upward revision to third quarter GDP growth.

The GDP data overshadowed a surprise rise in US weekly jobless claims and the biggest monthly slump in pending home sales since May 2010.

Technology shares were the key focus for investors, with Facebook rallying 14% after its quarterly earnings topped analyst estimates.

The tech-heavy Nasdaq flew 72 points (+1.8%) to 4123, the S&P500 put on 20 points (+1.1%) to 1794 and the Dow climbed 110 points (+0.7%) to 15849.

With markets back in risk on mode and the Fed committing to stimulus reduction yesterday, gold was sold off to the tune of 1.6%, settling at US$1243 an ounce.

Conversely, oil climbed to its highest settlement for the year as the positive reading on the US economy boosted prospects for energy demand. Oil futures advanced 0.6% to US$97.90 a barrel.

The greenback rose against most of its major rivals, whilst there was some respite for emerging market currencies like the Turkish Lira and South African Rand, which rose modestly versus their US counterpart last night.

In economic news, the Australian 4Q13 Producer Price Index and private sector credit data are both due for release today at 11:30am, AEDT.

Morning Market Update: Mixed Start Ahead is a post from: Australian Stock Report Market Pulse Blog