Stocks climbed on Tuesday as evidence of an economy on the mend overshadowed a slump in crude oil prices.
The Nasdaq rose 0.62%, close to an all-time high of 5,403 set earlier in the session. The S&P 500 was up 0.35%, and the Dow Jones Industrial Average gained 0.22%. Broad gains were seen across the majority of sectors, aside from energy and basic materials.
The U.S. economy grew at an annual 3.2% pace in the third quarter, according to the second estimate of growth from the Bureau of Economic Analysis. The initial estimate showed an increase of 2.9%, the best quarterly gain in two years. Economists had anticipated the measure to increase 3%. Consumer spending rose 2.8% over the third quarter, while exports increased 10.1%.
Oil prices slumped on Tuesday as doubts rose over whether major oil producers can agree to a production cut. Reports emerged Tuesday morning that Iran's oil minister, Bijan Namdar Zanganeh, had ruled out cuts from the world's sixth-largest producer. Iran had recently argued that Organization of Petroleum Exporting Countries that had increased production in recent months should be responsible for the bulk of production cuts.
This is just another wrench in the works for a possible OPEC agreement. Russia's oil minister reportedly won't attend an Organization of Petroleum Exporting Countries meeting on Wednesday, a day after Saudi Arabia's oil minister, Khalid Al-Falih, expressed his own doubts over the outcome. Al-Falih suggested OPEC should let demand drive prices rather than a production cut.
OPEC aims to limit production to 32.5 million to 33 million barrels a day, though some members are reportedly hesitant to cede market share. The bloc pumped a record 33.83 million barrels a day of oil last month.