STOCKS RISE: Here's What You Need To Know

REUTERS/Brian Snyder Hasty Pudding Theatricals' 2014 Woman of the Year actress Helen Mirren (C) gets a kiss from Hasty Pudding Theatricals' President Tony Oblen (L) and Ethan Hardy, Harvard University students dressed in drag, during a parade through Harvard Square in Cambridge, Massachusetts January 30, 2014. Stocks climbed as a shaky week in markets continued. Here's the scoreboard:

S&P500: 1,794.15, +19.95, +1.12%Dow: 15,847.51, +108.72, +0.69%Nasdaq: 4,123.12 +71.69, +1.77%

• Facebook had a monster day, climbing 14% after reporting strong earnings yesterday. Twitter, UnderArmour and Pandora shares also saw large gains today.
• Meanwhile Overstock fell 20% after the company said they saw an outsized gain from a tax benefit and that they'd been impacted by a change in Google's search formula.
• Pending home sales tumbled 8.7% in December. Analysts had a been expecting a decline of just 0.3%. "Unusually disruptive weather across large stretches of the country in December forced people indoors and prevented some buyers from looking at homes or making offers," Lawrence Yun, NAR chief economist said in a press release.
• Weekly initial jobless claims jumped to 348,000 for the week ended January 25. Economists were expecting a reading of 330,000, up from the revised print of 329,000. "This data point included Martin Luther King Day, which we typically view as the end-point of the volatility-inducing holiday season (though we do have Presidents' Day coming up in a few weeks). As the holidays fade into the rear view mirror, we should start getting 'clean' claims data again," RBS told clients in a note.
• According to the U.S. Bureau of Economic analysis, GDP rose 3.2% at an annualized rate in the fourth quarter, down from Q3's 4.1% pace of growth but right in line with consensus estimates. Personal consumption growth accelerated to 3.3% annualized in Q4 from 2.0% in Q3, but failed to reach consensus expectations for a 3.7% gain.
• Google is announcing earnings momentarily and we are covering them LIVE RIGHT HERE ». Analysts expect $12.26 per share.
• Amazon is also announcing earnings momentarily and we are covering them LIVE RIGHT HERE ». Analysts expect $0.66 a share.