US STOCKS-GDP lifts Dow over 18k; biotechs have worst day since April
* Q3 GDP revised up to 5 percent annual pace
* Durable goods orders fall short of expectations
* Gains broad, but biotechs have worst day since April
* Dow up 0.6 pct, S&P up 0.3 pct, Nasdaq off 0.3 (Updates to afternoon trading)
By Ryan Vlastelica
NEW YORK, Dec 23 (Reuters) - U.S. stocks rose for a fifth straight session on Tuesday, with the Dow climbing above 18,000 for the first time ever after an unexpectedly strong report on economic growth.
Both the Dow and S&P 500 hit intraday records, and the S&P is on track for its 51st record close of 2014. The gains pushed the Dow as high as 18,051.14, and the blue-chip index is now up about 175 percent from a 12-year low hit on March 9, 2009.
The final estimate for third-quarter U.S. economic growth was revised up to a 5 percent annual pace, its quickest in 11 years and easily topping expectations calling for growth of 4.3 percent.
"Everyone is surprised, and I'm definitely pleased," said Wayne Kaufman, chief market analyst at Phoenix Financial Services in New York. "How can inflation be so low when GDP is so high? Either this is just a one-off and GDP will fall back dramatically, or we'll see a pickup in inflation, which could put more pressure on the Fed." Continuación...