Dow Tops 18000 for 1st Time

Copyright  Bryan Thomas, Getty Images

Dow Tops 18,000 for 1st Time

Tuesday's fresh records came on the heels of an unexpectedly strong revision to U.S. growth for the third quarter. The Commerce Department sharply raised its annual growth estimate from 3.9% to 5%, the strongest level in 11 years. Fueling the gain was an upgrade in consumption spending to 3.2%.

Rising in the opening moments of trade following a strong report on U.S. economic growth, The Dow stock index topped 18,000 for the first time on Tuesday.

Fifteen minutes into trade, the Dow stood at 18,015.53, up 56.09 points (0.31%). 

The S&P 500 gained 5.76 (0.28%) to 2,084.30, while the tech-rich Nasdaq Composite Index added 3.83 (0.08%) at 4,785.25.

Tuesday's fresh records came on the heels of an unexpectedly strong revision to U.S. growth for the third quarter.

The Commerce Department sharply raised its annual growth estimate from 3.9% to 5%, the strongest level in 11 years. Fueling the gain was an upgrade in consumption spending to 3.2%.

Analysts had projected growth of 4.3%.

However, the good cheer was offset somewhat by a disappointing report on U.S. durable goods orders, which fell 0.7% in November. The figures are a concern because durable goods are an indicator of business investment.

"There was good news and bad news," said BMO Capital Markets analyst Jennifer Lee.

Copyright Agence France-Presse, 2014

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