Dow tops 18 000 for the first time

New York - The Dow stock index topped 18 000 for the first time on Tuesday, rising in the opening moments of trade following a strong report on US economic growth.

Fifteen minutes into trade, the Dow stood at 18 015.53, up 56.09 points (0.31%).

The S&P 500 gained 5.76 (0.28%) to 2 084.30, while the tech-rich Nasdaq Composite Index added 3.83 (0.08%) at 4 785.25.

Tuesday's fresh records came on the heels of an unexpectedly strong revision to US growth for the third quarter.

The news also help lift the dollar versus emerging market currencies, including South Africa.

On Tuesday at 14:00 GMT, the rand was 0.50% weaker against the dollar at R11.62/$.

The Commerce Department sharply raised its annual growth estimate from 3.9% to 5%, the strongest level in 11 years. Fueling the gain was an upgrade in consumption spending to 3.2%.

Analysts had projected growth of 4.3%.

However, the good cheer was offset somewhat by a disappointing report on US durable goods orders, which fell 0.7% in November. The figures are a concern because durable goods are an indicator of business investment.

"There was good news and bad news," said BMO Capital Markets analyst Jennifer Lee.