The Dow Jones Industrial Average climbed 38.17 points (0.29 percent) to 13,023.28 in closing trade.

The S&P 500 gained 6.13 (0.43 percent) at 1,416.06, while the Nasdaq Composite added 20.10 (0.67 percent) at 3,011.88.

The Commerce Department raised its estimate for third-quarter growth as expected, to 2.7 percent from 2.0 percent, but the details on consumer spending in the period pointed to a slower fourth quarter.

"The prevailing message is that the economy is growing, but at a rate that is below potential and which is making it difficult to put a major dent in the unemployment rate," said Patrick O'Hare of Briefing.com.