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NEW YORK (AP) — It was a stock market turnaround. Stocks rose sharply Thursday, with large parts of the market erasing loss- es from the previous day as investors cheered a batch of strong earnings and data that showed the U.S. economy grew at a robust annual rate in the fourth quarter. Investors also got a welcome respite from the recent turmoil in overseas markets, particularly in Turkey and Argentina. The Standard & Poor's 500 index rose 19.99 points, or 1.1 percent, to 1,794.19, with all ten sec- tors of the index closing higher. That more than made up the 18.29 points the index lost on Wednes- day. The Nasdaq composite jumped 71.69 points, or 1.8 percent, to 4,123.13 and the Dow Jones indus- trial average rose 109.82 points, or 0.7 percent, to 15,848.61. Investors welcomed news that U.S. economy grew at a 3.2 percent annual rate in the final three months of 2013, a positive sign for the econ- omy in 2014. Consumer spending, a major driver of the U.S. economy, picked up in the quarter. ''It was a good, bal- anced GDP report,'' said Sean Lynch, global investment strategist with Wells Fargo Private Bank, which manages $170 bil- lion in assets. Good news from a big technology player also boosted the market. Face- book jumped $7.55, or 14 percent, to $61.08. The social media company reported results late Wednesday that exceeded the expectations of finan- cial analysts. Facebook's adjusted profit was 31 cents per share, four cents better than forecast. It wasn't all good news out of the technology sec- tor. Amazon.com sank in after-hours trading after releasing results that fell short of what investors were expecting. The stock of the online retailing pio- neer fell $13 or 3.2 per- cent, to $403.01 about 90 minutes after the market close. In other earnings news, Visa rose $3.76, or 2 per- cent, to $220.88 after the company reported a 9 per- cent rise in first-quarter profits, beating expecta- tions. Alexion Pharmaceuti- cals was the biggest advancer in the S&P 500, rising $28.27, or 21 per- cent, to $162 after the company also beat ana- lysts' expectations and gave a strong 2014 out- look. Alexion is a spe- cialized drug maker focused on rare genetic diseases. The company helped lift the stocks of other drugmakers. Dow mem- bers Merck and Pfizer each rose more than 2 per- cent. Specialized drug- makers Gilead Sciences and Biogen were up 2 per- cent and 4 percent, respectively. Even with Thursday's gains, it's been a difficult month for investors. The Dow is down 4.4 percent in January, the worst start to a year since 2009. Emerging markets worries drove most of the sell-off over the last two weeks. A survey on Thursday confirmed that manufacturing in China, the world's second- biggest economy, slowed in January. And this week, the Turkish lira hit record lows, partly because a police bribery scandal there might desta- bilize the Turkish govern- ment. In Argentina, the peso had its sharpest slide in 12 years earlier this month. ''The currency prob- lems in the emerging mar- kets caught a lot of people by surprise, and that over- flowed in to U.S. mar- kets,'' Wells Fargo's Lynch said. Investors got a break from those troubles Thursday. The Turkish lira, Argentinian peso and the South African rand, another troubled currency, stabilized. The iShares MSCI Emerging Markets ETF, an exchange-traded fund that tracks stocks located in less-developed coun- tries, rose 1 percent after falling 1.5 percent the day before. Despite Thursday's upturn, the broader trend in the market appears to be downward for the time being, strategists say. ''I'm pretty focused on corporate earnings, and that's about it,'' said Ian Winer, director of trading at Wedbush Securities. ''Earnings have been OK, but not all that great. I think we're going lower, and I think (the sell-off this month) is just the beginning.'' Several investors have said the U.S. stock market will experience a ''correc- tion,'' meaning a decline of 10 percent or more in a benchmark index like the S&P 500, sometime this year. That chorus has got- ten louder in the last cou- ple of weeks. The last time the market had a cor- rection was in October 2011. ''The markets have been looking for a reason to pull back and certainly the emerging markets and currency problems gave them a reason to do so,'' Lynch said. The bond market also had a day of stability. 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