U.S. stocks climbed on Friday, with the Dow and S&P 500 scoring record closes, after data had the U.S. economy growing faster-than-projected in the third quarter, increasing optimism about the economic outlook.
"No one is taking all the chips off the table with two weeks left," said Howard Silverblatt, senior index analyst at S&P Dow Jones Indices. Money managers in November could have easily closed out their year and had "a great December in Aruba and they didn't," he added.
"Short term, everybody is expecting more money to come back in," Silverblatt said of anticipated money flows into equities in December and in the first quarter.
On Friday, stocks drew an early lift from data that had the economy expanding at a more rapid pace than economists expected, with gross domestic product rising at a 4.1 percent annualized rate, and up from a prior estimate of 3.6 percent.
"We're ending 2013 in a good place; the global economy appears to be in slow-growth mode as evidenced this morning in the U.S. with favorable GDP numbers," said Terry Sandven, chief equity strategist at U.S. Bank Wealth Management, of the Commerce Department report.