Financial Stocks after US Economic Growth

[MikeLigalig.com]

By Agence France Presse

Wall Street closed higher on Wednesday, pulled up by financial stocks after US economic growth estimates were revised upwards and data showed the beleaguered housing market was faring better.

The Dow Jones Industrial Average rose 26.33 points (0.23 percent) to close at 11,559.49, while the S&P 500 index, a broader measure of the market, gained 4.24 points (0.34 percent) to 1,258.84.

The tech-rich Nasdaq gained 3.87 points (0.15 percent) to 2,671.48.

"The rally continues, even though volume is rather light," said analyst Peter Cardillo of Avalon Partners.

The Commerce Department reported shortly before trade opened that the rate of the US economic growth in the third quarter was revised up to 2.6 from a previous estimate of 2.5 percent.

The upbeat revision points to an improving US recovery driven by higher consumer spending, business investment and stronger exports.