Stocks Opened Higher after Strong GDP Data

U.S. stocks opened higher on Tuesday, following a reading on economic growth that was much stronger than expected. The Dow Jones Industrial Average lately added  5.59 points, or 0.03%, to 17,823.The S&P 500 was up 1.61 points, or 0.08%, to 2,071.02. The Nasdaq Composite gained 9.79 points, or 0.21%, to 4,764.68.

U.S. economic growth was far stronger than initially thought in the third quarter, pointing to strengthening fundamentals that should support the economy for the rest of the year. The Commerce Department on Tuesday raised its estimate of gross domestic product to a 3.9 percent annual pace from the 3.5 percent rate reported last month.

Home prices in 20 U.S. cities advanced at a slower pace in the 12 months through September as the housing market continued to make gradual progress. The S&P/Case-Shiller index of property values increased 4.9 percent from September 2013.

Tiffany & Co. (TIF) reported that same-store sales increased 11 percent in the Americas in the third quarter. That topped the 6.1 percent predicted by analysts, according to Consensus Metrix. The sales declined 3 percent in the Asia-Pacific region and 6 percent in Japan, where a new consumption tax hampered orders.

Home Depot Inc. said Tuesday that it faces at least 44 civil lawsuits in the U.S. and Canada related to a widespread data breach at the home-improvement retailer earlier this year.

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