Stocks rise after strong US growth

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Associated Press

Posted on December 20, 2013 at 10:00 AM

Updated Friday, Dec 20 at 10:02 AM

NEW YORK (AP) — The stock market is pushing deeper into record territory after the U.S. reported solid growth in the third quarter.

The Dow Jones industrial average was up 70 points to 16,249 in early trading Friday. The Standard & Poor's 500 index gained six points to 1,815. The Nasdaq rose 15 points to 4,075.

The economy grew at an annual rate of 4.1 percent from July through September, the fastest pace since late 2011. Stronger consumer spending drove the growth.

Red Hat jumped $7.33, or 15 percent, to $56.33, after the open-source software company said that its earnings rose nearly 50 percent and beat Wall Street's expectations. The stock rose the most in the S&P 500 index.

China's stock market fell 2 percent, closing lower for the ninth straight day.

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