By Michael Hernandez
WASHINGTON
The U.S. economy grew at its fastest rate since 2003, surging five percent in the July-September period, according to data released Tuesday.
The Commerce Department said that increased consumer and business spending fueled the third quarter boom. It is the third estimate issued by the department. Earlier projections set growth at 3.9 percent.
The boom followed a 4.6 percent annual growth rate in the preceding quarter.
The Dow surged on news of the revised estimate, soaring above 18,000 points for the first time, and it continues to go higher during morning trading.
The S&P 500 was also gained 4.15 points to 2,082.69.
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