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Dow Jones Industrial Average

Last Updated at 20 Dec 2013, 16:07 ET

*Chart shows local time

Dow Jones intraday chart

(Close): It was a record breaking session on Wall Street with investors drawing confidence from a surprisingly strong report on the US economy.

The Commerce Department revised upwards growth for the third quarter to 4.1%, the fastest pace since late 2011.

The Dow closed almost 0.3% higher at a record 16,221 and the SP 500 rose 0.5% to 1,818, also a record.

The Dow’s weekly gain of 3.1% was one of its best weeks this year and the SP 500 gained 2.5% for the week.

Investors were also cheered this week by the announcement from the US Federal Reserve of a modest cut in its bond buying programme that has been supporting the economy and the stock market.

“Despite the cut, the Fed is still injecting $75bn (£46bn) a month in liquidity, which will continue to support equities going forward,” said David Thebault at Global Equities in Paris.

Blackberry boost

Blackberry shares jumped 15% after it announced a partnership with Taiwan’s Foxconn. The two will work on the development of a new smartphone.

“We are positive on the Foxconn agreement as it may help keep the Blackberry platform alive by offering lower cost Blackberry phones into the emerging markets with minimal inventory risk to the company,” said Colin Gillis, technology analyst at BGC Partners.

Blackberry also reported a third-quarter loss of $4.4bn, including a big write-down of assets.

Shares in Red Hat soared 14.5% after the distributor of computer operating software reported better than expected third quarter results.

Nike shares posted one of the largest declines on the Dow, falling 1.1% despite reporting a 40% rise in second quarter earnings to $537m on Thursday.

But analysts at Canaccord Genuity said the company faces rising expenses and higher raw material costs.

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