UNITED STATES - The Dow Jones and S&P 500 hit historic highs on Tuesday, giving those in the produce industry much to celebrate.

As of 12:37 PM ET, the Dow is up 0.5% to 18,049, while the S&P 500 is up 0.2% to 2,083.

According to USA Today, the U.S. economy grew at its fastest pace since 2003 in the third quarter on stronger consumer and business spending. Subsequently, the final estimate of the U.S. gross domestic product (GDP) for the third quarter expanded at a seasonally adjusted annual rate of 5% in the three months ended September 30, easily beating the previous estimate of 3.9%. Consumer spending similarly rose by 3.2%, higher than the 2.2% previously estimated.

On hearing this news, analysts and investors were elated by the strong boost in GDP and consumer spending.

“That is a solid number, that is really what you want to see, you want to see it in demand,” Jack Ablin, Chief Investment Officer at BMO Private Bank in Chicago, told Reuters. “That is a huge plus, a five handle on GDP is astounding to me, but I’m not going to turn it away – Merry Christmas.”

Scott Keifer, Global Investment Specialist at JP Morgan Private Bank in Orange County, CA, agreed, telling Reuters, “You are going to see the consumer spending number continue to inch up and get better and better as we continue on in this expansion.”

The dollar also hit an 8-year high following the revised GDP report. According to Reuters, the dollar index was trading up 0.36% at 90.093 .DXY, its highest since April 2006. Importers in the industry will have the advantage of trading behind the backing of a stronger dollar.  

Can we expect to see further gains heading into the new year? Reuters anticipates trading volume to be light due to the Christmas holiday, which could increase volatility. Regardless, today’s record highs are sure to spread some cheer this week.

Stay tuned to AndNowUKnow as we continue to track the Dow.