Wall Street closes higher with strong GDP growth

NEW YORK (AA) - Wall Street closed higher Tuesday as the American economy marked its highest monthly growth in the last two years.

The economy grew by 3.2 percent in the third quarter of the year, the Department of Commerce announced earlier Tuesday.

After the data, investors gained confidence about the well-being of the economy to take a buying position in the market.

The Dow added 23 points to finish the day at 19,121 and the S&P 500 rose two points to 2,204. The Nasdaq increased 11 points to close the day at 5,379.

Oil prices, however, decreased amid worries whether OPEC would be able to reach a final deal at its semi-annual meeting Wednesday to limit members' production quotas.

Crude prices could fall sharply if the cartel fails to reach an agreement to curb output, and global oversupply continues to grow, experts warn.

At the final bell, American benchmark West Texas Intermediate was trading at $45.25 a barrel -- a 3.7 percent decline and international benchmark Brent crude was at $47.35 a barrel -- a 3.8 percent fall.