Stocks Closed Higher on Healthy Economic Data

U.S. stocks closed higher on Tuesday follows a number of better-than-expected economic reports, including a reading on gross domestic product and consumer confidence. The Dow Jones Industrial Average rose 23.70 points, or 0.12%, to 19,121.60. The S&P 500 advanced 2.94 points, or 0.13%, to 2,204.66. The Nasdaq Composite gained 11.11 points, or 0.21%, to 5,379.92.

The U.S. economy grew faster than initially thought in the third quarter, notching its best performance in two years, buoyed by strong consumer spending and a surge in soybean exports. Gross domestic product increased at a 3.2 percent annual rate instead of the previously reported 2.9 percent pace, the Commerce Department said in its second GDP estimate on Tuesday.

Consumer confidence soared in November to prerecession levels, a survey released Tuesday shows. The consumer-confidence index rose to 107.1, the highest since July 2007, the Conference Board said Tuesday.

Crude-oil futures suffered a nearly 4% loss Tuesday, pressured by growing doubts that the world’s biggest oil producers will reach a deal to cut global output. January West Texas Intermediate crude fell $1.85, or 3.9%, to settle at $45.23 a barrel. January Brent crude declined $1.86, or 3.9%, to $46.38 a barrel .

The nation’s commercial banks and savings institutions reported a 13% rise in net income in the third quarter, hitting a record as institutions’ profits soared and expenses moderated.Net income at the 5,980 banks insured by the Federal Deposit Insurance Corp. rose $5.2 billion, to $45.6 billion, in the third quarter, compared with a year earlier, according to data released Tuesday by the FDIC.