Third-quarter gross domestic product was revised higher, rising 3.5% on an annualized basis, compared to a previous estimate of 3.2%, according to a U.S. Department of Commerce report released Thursday. David Lebovitz, global market strategist at JPMorgan Asset Management, was encouraged by the upward revision, calling it an endorsement of the consumer. Consumer spending rose 3% during the quarter, up from the previous estimate of 2.8%. Gross domestic product is the broadest measure of economic output. Fourth-quarter GDP will be released throughout the first part of 2017.