NEW YORK: US stocks bolted to new records Friday after the Commerce Department reported that third-quarter US gross domestic product grew much faster than previously estimated.
At the closing bell, the Dow Jones Industrial Average advanced 60.75 points (0.38 percent) to 16,239.83, a new record.
The S&P 500 rose 9.86 (0.54 percent), also a new record, while the tech-rich Nasdaq Composite Index added 46.61 (1.15 percent) at 4,104.74.
Analysts said investors were cheered after the Commerce Department raised its estimate for third-quarter gross domestic product growth to an annual rate of 4.1 percent, from 3.6 percent.
Scott Wren, senior equity analyst, said the GDP growth suggested solid growth, but not so strong as to undermine the Federal Reserve's strategy of keeping interest rates low and tapering its bond-purchase program.
"We're still in this modest-growth, modest-inflation economy," Wren said.
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