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US stocks gain after GDP growth revised up

/ 08:00 AM November 30, 2012

In this Nov. 15, 2012, file photo, traders work on the floor at the New York Stock Exchange in New York. Hopes that US political leaders may be inching toward a budget deal that will avoid automatic spending cuts and tax increases have given markets a big boost Thursday, Nov. 29, 2012. AP PHOTO/SETH WENIG

NEW YORK—US stocks closed higher Thursday, helped by an expected strong upward revision in the US economic growth estimate for the third quarter.

The Dow Jones Industrial Average climbed 38.17 points (0.29 percent) to 13,023.28 in closing trade.

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The S&P 500 gained 6.13 (0.43 percent) at 1,416.06, while the Nasdaq Composite added 20.10 (0.67 percent) at 3,011.88.

The Commerce Department raised its estimate for third-quarter growth as expected, to 2.7 percent from 2.0 percent, but the details on consumer spending in the period pointed to a slower fourth quarter.

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“The prevailing message is that the economy is growing, but at a rate that is below potential and which is making it difficult to put a major dent in the unemployment rate,” said Patrick O’Hare of Briefing.com.

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