Wall Street hits record high after US GDP is revised up – business live

America’s economy grew faster than thought in July-September, despite the trade war with China

Earlier:

3.02pm GMT

Just in: US personal spending rose by 0.3% in October, in line with forecasts.

But pending home sales fell by -1.7%, much worse than the 0.2% rise expected. We learned yesterday that house prices were rising across US cities, but it appears that a shortage of properties is hurting.

Pending home sales fall 1.7% in October, as housing shortage worsens https://t.co/iRA4oyMXDu

2.53pm GMT

Pharmaceutical firm Pfizer is the biggest rise on the Dow, up 1% in early trading.

Goldman Sachs (+0.6%), Apple (+0.5%) and Walmart (+0.44%) are also helping to push the index to its latest record high, with Nike and JP Morgan close behind.

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