NEW YORK (TheStreet) -- Shares of Facebook  (FB) - Get Report rose 1.39% to $78.30 in morning trading Friday as the market recovered following the U.S. Department of Commerce's announcement that the nation's gross domestic product grew at its fastest pace in 2.5 years.

The department said the U.S. GDP climbed 4.6% in the April to June period, which surpassed the previous expectation of 4.2%. Exports climbed 11.1%, compared to the estimate of 10.1%.

News also broke Thursday that European Union antitrust regulators would approve Facebook's $19 billion offer for messaging service WhatsApp, according to Reuters. One source described the approval as "unconditional clearance."

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The deal would be the largest in Facebook's 10-year history and would give the social media company a position in the emerging mobile messaging market against large telecommunications companies.

Separately, TheStreet Ratings team rates FACEBOOK INC as a "hold" with a ratings score of C+. TheStreet Ratings Team has this to say about their recommendation:

"We rate FACEBOOK INC (FB) a HOLD. The primary factors that have impacted our rating are mixed - some indicating strength, some showing weaknesses, with little evidence to justify the expectation of either a positive or negative performance for this stock relative to most other stocks. The company's strengths can be seen in multiple areas, such as its robust revenue growth, largely solid financial position with reasonable debt levels by most measures and impressive record of earnings per share growth. However, as a counter to these strengths, we find that the stock itself is trading at a premium valuation."

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