NEW YORK — Stocks are rising on Wall Street today, pushing the market further into record territory, after the U.S. raised its estimate for third-quarter economic growth.
The Dow Jones industrial average was up 81 points, or 0.5 percent, to 16,260 in midday trading.
RELATED ARTICLE: U.S. economy expands at rate of 4.1% in 3rd quarter
The Standard & Poor’s 500 index gained 10 points, 0.6 percent, to 1,820. The Nasdaq composite rose 40 points, or 1 percent, to 4,098.
The economy grew 4.1 percent from July through September, the fastest pace since late 2011, the government reported. A pickup in consumer spending drove the growth.
Red Hat jumped $9.44, or 19 percent, to $58.44 after the software company said its earnings rose nearly 50 percent and beat Wall Street’s expectations.
CarMax plunged $4.88, or 9 percent, to $48.22 after its earnings missed analysts’ estimates.
Guidelines: Please keep your comments smart and civil. Don't attack other readers personally, and keep your language decent. Comments that violate these standards, or our privacy statement or visitor's agreement, are subject to being removed and commenters are subject to being banned. To post comments, you must be a registered user on toledoblade.com. To find out more, please visit the FAQ.