S&P registers record close as growth stocks advance

Economic Growth - The U.S. gross domestic product (GDP) increased at a 4.3% annualized rate in the third quarter, the fastest pace since Q3 2023, significantly above the 3.3% estimate by economists [1][9] - Robust consumer spending was a key driver of this growth [1] Market Reactions - Following the GDP data, markets are pricing in a smaller chance of a January rate cut from the Federal Reserve, leading to a rise in shorter-dated bond yields [2][9] - The S&P 500 growth index gained 0.8%, while the value index remained largely unchanged, indicating a preference for growth stocks [5][9] - AI-related stocks rebounded, with Nvidia rising 3%, contributing significantly to the S&P 500 index [5][9] Stock Performance - The Dow Jones Industrial Average rose by 79.73 points (0.16%) to 48,442.41, while the S&P 500 gained 31.30 points (0.46%) to 6,909.79, and the Nasdaq Composite increased by 133.02 points (0.57%) to 23,561.84 [9] - Recent gains in U.S. stocks have led to expectations of a "Santa Claus rally," a seasonal trend where the S&P 500 typically gains in the last five trading days of the year and the first two in January [6][9] Company-Specific Developments - ServiceNow declined by 1.5% after announcing its acquisition of cybersecurity startup Armis for $7.75 billion in cash [9] - Freeport-McMoRan's stock climbed 2.5% to a 15-month high of $52.29, driven by record-high copper prices and an increased price target from Wells Fargo [8][9] - Huntington Ingalls saw a slight increase of 0.3% following President Trump's announcement of plans for a new class of battleships [9]