Investors are waking up today to a surprisingly positive report on economic growth in the U.S. The Commerce Department is reporting that gross-domestic product, a measure of all the goods and services produced in the U.S., soared to a 7.2% annual rate in the third quarter, more than double the 3.3% rate in the second quarter.

The Q3 pace of growth was the fastest since the first quarter of 1984, when the economy grew at a heady 9% pace. Economists had expected growth of 6.1%.

In a separate report, the number of workers filing first-time applications for unemployment benefits declined last week despite labor strikes in California and other states. Initial jobless claims fell by 5,000 to 386,000 in the week that ended Saturday, the Labor Department said Thursday. Economists had expected claims to drop by 1,000.

Wall Street futures are climbing on the release of this positive economic news pointing to a positive start for trading.

In Canada, earning report season continues with two early reports from big name energy companies. Suncor Energy has posted a 60% increase in profits. Petro-Canada is boasting a 45% improvement.

In Europe at midday, London’s exchange is up 0.34%. The Paris CAC 40 is down slightly, just 0.06%. In Frankfurt, the DAX is slightly higher, up 0.17%.

Tokyo’s Nikkei Stock Average fell 43.66 points, or 0.41%, finishing at 10,695.56 after the U.S. dollar dropped to a three-year low against the Japanese yen late Wednesday. Investors are worried about an erosion of corporate profits.

Hong Kong’s Hang Seng Index gained 12.84 points, or 0.1%, finishing at 12,143.35.

After the bell on Wednesday, insolvent Air Canada announced that it is delaying the reporting of its third-quarter results, as well as a decision on a new equity partner.

Gold miner Placer Dome reported a drop in its quarterly earnings of US$21 million from $29 million.

On Wednesday, stock markets chalked up minor gains. Toronto’s S&P/TSX composite index closed up 11.31 points at 7,730.48.

The Dow industrial average was up 26.22 points to 9,774.53. The Nasdaq composite edged up 4.3 points to 1,936.56; the S&P 500 index was up 1.32 at 1,048.11.