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.

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