U.S. Stocks Mostly Up after Strong Q3 Growth

Wall Street stocks were mostly higher early Wednesday after government data showed the economy grew at its fastest pace in three years, but shares of high-flying technology companies retreated, hitting the Nasdaq.

The U.S. economy in the third-quarter expanded by 3.3 percent, three tenths faster than the initial estimate and the strongest performance since the third quarter of 2014.

Outgoing Federal Reserve Chair Janet Yellen also offered an upbeat assessment of the U.S. economy, in testimony to Congress released earlier Wednesday, noting that growth has picked up the pace and unemployment is low. She will answer questions from legislators at the hearing later in the morning.

The Fed is expected to raise the benchmark interest rate next month in light of the strengthening economy. 

About 15 minutes into trading, the Dow Jones Industrial Average stood at 23,931.41, up 0.4 percent and adding to Tuesday's record.

The broad-based S&P 500  rose 0.1 percent to 2,630.67, while the tech-rich Nasdaq Composite Index fell 0.4 percent to 6,886.10.

All three indices ended at records Wednesday after the Senate Budget Committee advanced a long-anticipated tax cut favored by President Donald Trump.

But the Nasdaq was weakened by drops in leading technology names including Apple, down 0.4 percent; Amazon, down 1.1 percent; Facebook, down 2.1 percent and Google-parent Alphabet, down 1.7 percent. 

Tiffany dropped 1.5 percent after reporting third-quarter net earnings rose five percent to $100 million, while comparable store sales were flat.

Chipotle Mexican Grill jumped 3.7 percent after announcing it has launched a search for a new chief executive and that founder Steve Ells would step down from the post. The restaurant chain has stumbled badly with food safety problems over the last couple of years.