The U.S. economy grew in the third quarter for the first time in more than a year, expanding at a 3.5% pace from July to September and exceeding the market expectations for a 3.3% rate. Growth was propelled by stimulus driven consumer spending and new home building. In a separate report, the number of U.S. workers filing new claims for unemployment benefits dipped by 1,000 last week, while the number of continuing claims fell to its lowest reading in seven months.
Another round of positive earnings results helped boost the market outlook, as Procter & Gamble and Motorola both reported better-than-expected reports. On the downside, ExxonMobil disappointed with earnings below expectations.
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