Dow sets inflation-adjusted record

NEW YORK, Dec. 20 (UPI) -- The Dow Jones industrial average banked its third-biggest weekly gain of the year Friday and set an inflation-adjusted record.

Investors were heartened by the Commerce Department report pegging its final estimate of the gross domestic product at a better-than-expected 4.1 percent in the third quarter of 2013.

The Dow gained 42.06 or 0.26 percent to close at an inflation-adjusted record of 16,221.14. For the week, the Dow was up 3 percent and the average was ahead 24 percent for the year, its best showing since 1997.

The Standard & Poor's 500 gained 8.72 points or 0.48 percent to a record 1,818.32 and Nasdaq added 46.61 points or 1.15 percent to 4,104.74.

On the New York Stock Exchange, 2,362 issues advanced while 764 declined on volume of 5.089 billion shares.

On foreign markets, Tokyo's Nikkei 225 gained 11.20 points or 0.07 percent to 15,870.42, Hong Kong's Hang Seng index lost 76.57 points or 0.33 percent to 22,812.18 and Australia's S&P/ASX 200 added 63 points or 1.21 percent to 5,265.20. In Europe, London's FTSE 100 was up 21.88 points or 0.33 percent to 6,606.58, the German DAX gained 64.44 points or 0.69 percent to 9,400.18 and the French CAC 40 added 16.74 points or 0.4 percent to 4,193.77.

The 10-year U.S. treasury note was up 11/32 for a yield of 2.889 percent.

The dollar was lower. The euro traded at $1.3672, up 0.1 cent, and the dollar fell against the yen to 104.08 yen.

Gold gained $8.90 to $1,202.50 per troy ounce. Silver added 20.4 cents to $19.39.

In after-hours trading, crude oil was up 11 cents to $99.17.

On the Chicago Board of Trade, March corn was up 3/4 cent to $4.31 1/4 a bushel, January soybeans added 11 cents to $13.38 and March wheat was up 3 1/4 cents to $6.14.