FILE - In this Wednesday, Dec. 18, 2013, file photo, trader Warren Meyers, center, works on the floor of the New York Stock Exchange. Investors continued Friday, Dec. 20, 2013 to breathe a sigh of relief that the U.S. central bank has committed to keeping interest rates low even though it has decided to start pulling back on its monetary stimulus. (AP Photo/Richard Drew, File)
Updated: December 20, 2013 3:18PM
NEW YORK (AP) — Stocks are closing higher on Wall Street after the U.S. raised its estimate for economic growth in the third quarter.
The Dow Jones industrial average rose 42 points, or 0.3 percent, to 16,221 Friday. It’s up 3 percent for the week.
The Standard & Poor’s 500 index gained eight points, 0.5 percent, to 1,818. The Nasdaq composite rose 46 points, or 1.2 percent, to 4,104.
Small-company stocks surged. The Russell 2000 jumped 21 points, 1.9 percent, to 1,146.
The economy grew 4.1 percent from July through September, the fastest pace since late 2011, the government reported.
Red Hat jumped 15 percent after the software company’s earnings rose nearly 50 percent, beating Wall Street’s expectations.
BlackBerry soared 15 percent after the company said it would outsource its hardware business.