US stocks head higher after US reports surprisingly strong growth in the third quarter - InfoNews

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US stocks head higher after US reports surprisingly strong growth in the third quarter

December 20, 2013 - 1:14 PM

NEW YORK, N.Y. - Stocks are closing higher on Wall Street after the U.S. raised its estimate for economic growth in the third quarter.

The Dow Jones industrial average rose 42 points, or 0.3 per cent, to 16,221 Friday. It's up 3 per cent for the week.

The Standard & Poor's 500 index gained eight points, 0.5 per cent, to 1,818. The Nasdaq composite rose 46 points, or 1.2 per cent, to 4,104.

Small-company stocks surged. The Russell 2000 jumped 21 points, 1.9 per cent, to 1,146.

The economy grew 4.1 per cent from July through September, the fastest pace since late 2011, the government reported.

Red Hat jumped 15 per cent after the software company's earnings rose nearly 50 per cent, beating Wall Street's expectations.

BlackBerry soared 15 per cent after the company said it would outsource its hardware business.

News from © The Associated Press, 2013
The Associated Press

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