US stocks gain after GDP growth revised up
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NEW YORK, Nov 29 AFP
November 30 2012, 08:47AM
US stocks have closed higher, helped by an expected strong upward revision in the US economic growth estimate for the third quarter.
The Dow Jones Industrial Average climbed 38.17 points (0.29 per cent) to 13,023.28 in closing trade on Thursday.
The S&P 500 gained 6.13 (0.43 per cent) at 1,416.06, while the Nasdaq Composite added 20.10 (0.67 per cent) at 3,011.88.
The Commerce Department raised its estimate for third-quarter growth, as expected, to 2.7 per cent from two per cent, but the details on consumer spending in the period pointed to a slower fourth quarter.
"The prevailing message is that the economy is growing, but at a rate that is below potential and which is making it difficult to put a major dent in the unemployment rate," said Patrick O'Hare of Briefing.com.