U.S. stocks rose Wednesday, driven by positive economic data and renewed trade optimism.

Communications and consumer discretionary were the best-performing sectors, while industrial names lagged.

In economic news, both initial and continuing jobless claims came in lower than expected, while gross domestic product was revised upward to 2.1 percent for the third quarter.

In a separate report, the Commerce Department said household spending increased in October.

U.S. Treasury prices fell as interest rates rose.

Volume on the New York Stock Exchange was moderate, with 747 million shares traded. Advancers outnumbered decliners.

Gold fell $6.50 to $1,453.80, and crude oil prices fell 30 cents to $58.11 a barrel.

The 30-year Treasury yield closed higher at 2.19 percent, and the 10-year Treasury yield finished higher at 1.77 percent.

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