DOW 18,000

New york stock exchange tradersREUTERS/Lucas JacksonTraders laugh as they work on the floor of the New York Stock Exchange as the market closes in New York October 17, 2014.

US markets are surging.

The S&P 500 just blasted through its all-time high, and the Dow crossed 18,000 for the first time ever.

The S&P is currently at 2,084 (+0.3%). The Dow is at 18,009 (+0.3%).

┬áThe S&P 500’s prior all-time high was set at 2,079 on Dec. 5. The Dow set an all-time high of 17,991 that same day.

The rally follows a strong upward revision to US GDP.

In Q3, the pace of GDP accelerated to 5.0%, which is the fastest pace since Q3 2003. This was up from an earlier estimate of 3.9%, and it was much stronger than the 4.3% forecast by economists.

Growth was driven by personal consumption, which was revised up to 3.2% from an earlier estimated of 2.2%.

“Growth won’t be quite as strong in the fourth quarter. Indeed, November’s durable goods orders figures suggest that business investment has slowed significantly, from 11.0% in the third quarter,” Capital Economics Paul Dales warned.

Dales cited today’s November durable goods order report, which disappointed. Orders unexpectedly fell 0.7% in during the month, which was much worse than the +4.0% expected by economists. Nondefense capital goods orders excluding aircraft, or core capex, went nowhere; economists were looking for 1.0% growth.

For now, traders and investors are enjoying the Santa Claus rally.

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