The US economy reaffirmed its traditional role as the engine of global growth after notching up its fastest expansion in more than a decade.
The S&P 500 index surged to a record high after annualised growth in the third quarter of this year came in at 5 per cent, the fastest pace since 2003. It represented an unusually large upward revision from a previous estimate of 3.9 per cent.
The new figures show the world’s most important economy was accelerating even before the recent oil price fall.
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