NEW YORK (TheStreet) -- The Dow Jones Industrial Average broke through 18,000 and the S&P 500 moved to session highs as third-quarter GDP showed signs of better-than-expected economic health. However, overall markets were mixed with the Nasdaq pulled lower by biopharmaceutical stocks.
The S&P 500 added 0.29% on Tuesday and the Dow climbed 0.52% to 18,066.
"18,000 is just kind of a nice, round number but realistically it doesn't really mean a whole lot," said Hennessy Funds' Brian Peery in a call. "We certainly think over the long haul that the market is heading higher. There are going to be some bumps in the road along the way and some increased volatility but over the long haul you can use any kind of a dip or a correction as a great buying opportunity."
Pharmaceutical stocks dragged on the Nasdaq, which was down 0.21%. Gilead Sciences (GILD) , Regeneron Pharmaceuticals (REGN) and Achillion Pharmaceuticals (ACHN) were all trading lower after Express Scripts (ESRX) announced an exclusive deal to cover only AbbVie's (ABBV) newly approved hepatitis C treatment. The Health Care SPDR ETF (XLV) slid 2.3%.
A new estimate of third-quarter GDP came in at 5%, its highest in 11 years. The previous estimate had put GDP at 3.9% and economists had expected an upward revision to 4.3%. However, a separate reading on factory orders showed unexpected weakness. Durable goods orders slipped 0.7% in November to $242.3 billion, below an expected 3% increase.