US: Wall Street stocks rise on strong US growth

[NEW YORK] Wall Street stocks opened higher on Tuesday after the Commerce Department unexpectedly raised its estimate for third-quarter US economic growth.

Five minutes into trade, the Dow Jones Industrial Average stood at 17,841.09, up 23.19 points (0.13 per cent).

The broad-based S&P 500 gained 3.56 (0.17 per cent) to 2,072.97, while the tech-rich Nasdaq Composite Index jumped 56.40 (1.20 per cent) to 4,769.37.

The economy grew at a 3.9 per cent annual pace in the July-September quarter, stronger than the initial estimate of 3.5 per cent as business investment and consumer spending picked up. Analysts had expected the initial estimate to be revised downward.

Tuesday's gains added to records Monday on both the Dow and S&P 500.

AFP