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US benchmark equity indexes were higher intraday as traders assessed the latest economic data, while gold and silver prices extended their record run.

The S&P 500 and the Nasdaq Composite were up 0.4% each at 6,905.4 and 23,532.3, respectively, after midday Tuesday. The Dow Jones Industrial Average rose 0.3% to 48,501.6. Among sectors, communication services led the gainers, while health care saw the biggest drop.

US markets will close early Wednesday and remain shut Thursday for Christmas.

In economic news, the US economy grew at the fastest pace in two years in the third quarter amid robust consumer spending, delayed government data showed Tuesday.

Real gross domestic product rose at an annual rate of 4.3% in the September quarter, according to an initial estimate by the Bureau of Economic Analysis. The consensus was for 3.3% growth in a survey compiled by Bloomberg.

"The report will greatly lessen the odds of a (Federal Reserve) rate cut on Jan. 28, and even adds some doubt about future moves," BMO Capital Markets said in a note. "Given the economy's resilience, softness in both employment and inflation might be needed to spur rate cuts in 2026."

The probability of the US central bank holding its benchmark lending rate steady next month rose to about 87% Tuesday from 80% Monday, according to the CME FedWatch tool.

Demand for US durable goods declined more than expected in October, weighed down by double-digit drops in the civilian and defense aircraft segments, delayed official data showed Tuesday.

US consumer confidence fell for a fifth straight month in December as views on current business conditions turned negative for the first time since September 2024, the Conference Board said.

Holiday spending in the US rose at a slower pace in 2025 than last year, according to preliminary data from Visa (V). Retail spending for the holiday season increased 4.2% year over year across all forms of payment, according to the report, below the 4.8% annual gain recorded in 2024.

Separately, Mastercard (MA) said US retail sales excluding automotive rose 3.9% year over year from Nov. 1 through Dec. 21.

Gold futures advanced 0.8% to $4,505.50 per ounce intraday. CNBC reported the yellow metal reached an all-time high of $4,530.80 per ounce earlier in the day. Spot silver crossed $70 per ounce for the first time earlier in the session, according to the report. Silver futures were last up 3.8% at $71.19 an ounce.

US Treasury yields were mixed intraday, with the 10-year rate little changed at 4.17% and the two-year rate increasing 3.5 basis points to 3.54%.

Nvidia (NVDA) shares were up 2.5%, the top performer on the Dow and the second-best on the S&P 500. Amazon.com (AMZN) was the second-top Dow gainer, up 1.4%, while Broadcom (AVGO) was among the best performers on the S&P 500 with a 2.4% rise.

In company news, Freeport-McMoRan (FCX) was the best performer on the S&P 500, up 2.5%, as Wells Fargo raised its price target on the miner's stock to $55 from $47.

Novo Nordisk's (NVO) US-listed shares climbed 7.7%. The Danish pharmaceutical giant said late Monday the US Food and Drug Administration approved the pill version of its Wegovy obesity drug for weight management and to reduce the risk of major adverse cardiovascular events.

ServiceNow (NOW) agreed to acquire cybersecurity startup Armis for $7.75 billion in cash, a deal that the company expects will more than triple its opportunity in the security and risk solutions market. ServiceNow shares fell 2.3% intraday Tuesday, among the steepest drops on the S&P 500.

West Texas Intermediate crude oil was up 0.5% at $58.32 a barrel.