Stocks rise after strong US growth
NEW YORK (AP) — Stocks are rising on Wall Street, pushing the market further into record territory, after the U.S. raised its estimate for third-quarter economic growth.
The Dow Jones industrial average was up 81 points, or 0.5 percent, to 16,260 in midday trading Friday.
The Standard & Poor’s 500 index gained 10 points, 0.6 percent, to 1,820. The Nasdaq composite rose 40 points, or 1 percent, to 4,098.
The economy grew 4.1 percent from July through September, the fastest pace since late 2011, the government reported. A pickup in consumer spending drove the growth.
Red Hat jumped $9.44, or 19 percent, to $58.44 after the software company said its earnings rose nearly 50 percent and beat Wall Street’s expectations.
CarMax plunged $4.88, or 9 percent, to $48.22 after its earnings missed analysts’ estimates.