US stocks close higher as US Q3 growth revised up

<p>US stock indices have closed higher as US growth is revised higher for the third quarter.</p>

The major US benchmarks closed higher in trading last night (November 29th) on news the nation's third quarter growth rate has been revised up.

According to the Commerce Department, expansion between July and September 2012 was 2.7 per cent – which is better than the two per cent projected in estimates from a month ago.

This will help to buoy the Obama administration, which was criticised for making little economic progress during its first term of office in the run-up to the election this month, however the rally is not expected to last.

Indeed, matters are anticipated to turn around in the final quarter of the year due to the uncertainty surrounding the fiscal cliff of looming tax hikes and government spending cuts.

At the end of the day on Wall Street, the Dow Jones rose by 0.2 per cent to an index value of 13021.8 points and the technology-heavy Nasdaq advanced by 0.6 per cent to 3012 points.

Find out about the Dow Jones and spread betting strategies at City Index.

Build your confidence risk free
Join our live webinars for the latest analysis and trading ideas. Register now

StoneX Financial Ltd (trading as “City Index”) is an execution-only service provider. This material, whether or not it states any opinions, is for general information purposes only and it does not take into account your personal circumstances or objectives. This material has been prepared using the thoughts and opinions of the author and these may change. However, City Index does not plan to provide further updates to any material once published and it is not under any obligation to keep this material up to date. This material is short term in nature and may only relate to facts and circumstances existing at a specific time or day. Nothing in this material is (or should be considered to be) financial, investment, legal, tax or other advice and no reliance should be placed on it.

No opinion given in this material constitutes a recommendation by City Index or the author that any particular investment, security, transaction or investment strategy is suitable for any specific person. The material has not been prepared in accordance with legal requirements designed to promote the independence of investment research. Although City Index is not specifically prevented from dealing before providing this material, City Index does not seek to take advantage of the material prior to its dissemination. This material is not intended for distribution to, or use by, any person in any country or jurisdiction where such distribution or use would be contrary to local law or regulation.

For further details see our full non-independent research disclaimer and quarterly summary.