U.S. stock indexes rise on strong economic data

The U.S. benchmark S&P 500 notched a record closing high with strength in growth stocks

U.S. stock indexes rose on Tuesday after stronger-than-expected economic data, while the yen gained on the dollar after Tokyo signalled its readiness to support the battered currency.

The U.S. benchmark S&P 500 notched a record closing high with strength in growth stocks.

In precious metals, silver, gold and platinum set new records.

Data showed the U.S. economy grew faster than expected in the third quarter, driven by robust consumer spending. Early estimates showed gross domestic product rose at a 4.3% annualized rate last quarter.

We’re still in this period of playing catch-up with economic data and GDP is dated. But it’s showing strength in the economy, and strength that’s above expectations, said Tim Ghriskey, senior portfolio strategist at Ingalls & Snyder in New York.

U.S. economic releases have been delayed by a record federal government shutdown.

On U.S. stock market, the S&P 500 gained 31.30 points, or 0.46%, to 6,909.79, surpassing its December 11 close for a new record. The S&P 500 growth index finished up 0.8%.

The Dow Jones Industrial Average added 79.73 points, or 0.16%, to 48,442.41, and the Nasdaq Composite advanced 133.02 points, or 0.57%, to 23,561.84.

MSCI’s gauge of stocks across the globe rose 4.61 points, or 0.45%, to 1,020.10, which would also be a record close.

Earlier, the pan-European STOXX 600 index also registered a record closing high.

The pan-European STOXX 600 index ended up 0.34%.

Novo Nordisk’s U.S.-listed shares finished up 7.3% after the U.S. Food and Drug Administration approved its weight-loss pill, giving the Danish drugmaker a competitive edge in the fast-evolving obesity treatment market.