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| Dow hits 18,000 as growth revised up | |
| (35 minutes later) | |
| (Open): The Dow Jones rose above 18,000 for the first time in early trade, after figures showed the US economy grew at its fastest pace for 11 years in the third quarter. | (Open): The Dow Jones rose above 18,000 for the first time in early trade, after figures showed the US economy grew at its fastest pace for 11 years in the third quarter. |
| Official figures show the economy grew at an annual rate of 5% in the quarter, up from a previous estimate of 3.9%. | Official figures show the economy grew at an annual rate of 5% in the quarter, up from a previous estimate of 3.9%. |
| The Dow Jones rose 55.57 points to 18,015.01, while the S&P 500 climbed 5.85 points to 2,094.39. | The Dow Jones rose 55.57 points to 18,015.01, while the S&P 500 climbed 5.85 points to 2,094.39. |
| The Nasdaq was 3.92 points higher at 4,785.34. | The Nasdaq was 3.92 points higher at 4,785.34. |
| Despite the strong growth figure, separate data on durable goods orders - seen as a proxy for business investment - disappointed as it showed a fall of 0.7% in November. | |
| However, analysts were cheered by the pick-up in GDP. | |
| "That is a solid number, that is really what you want to see, you want to see it in demand," Jack Ablin, chief investment officer at BMO Private Bank in Chicago, told Reuters. | |
| "That is a huge plus, a five handle on GDP is astounding to me, but I'm not going to turn it away - Merry Christmas." |