Stocks are rallying following the release of a solid initial estimate of fourth-quarter U.S. GDP this morning, and appetite for risk appears to be making a momentary comeback.

S&P 500 futures are trading 0.7% higher at 1784. Gold futures, meanwhile, are down 1.9%, trading near $1238 an ounce, and 10-year U.S. Treasury futures are down 0.3%, while the yield on the 10-year note is 2.72%, up 4 basis points from yesterday's close.

The U.S. dollar is snapping back against both the euro and the yen and emerging-market currencies are gaining against the dollar in a sharp reversal of the moves we've seen in recent days.

The charts below show the action in various markets this morning.

Across the top from left to right are S&P 500 futures, the dollar-yen exchange rate, and the euro-dollar exchange rate. Across the bottom are gold futures, 10-year Treasury futures, and the dollar-lira exchange rate.

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