Wall Street level after US growth data

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(Close): After a slow start, Wall Street gained momentum during the day to end higher, helped by positive economic and corporate figures.

The Dow Jones industrial average rose 1.3%, or 221 points, to 17,195.4, while the S&P 500 ended 12.3 points ahead, or 0.6%, at 1,994.5.

The tech-heavy Nasdaq gained 16.9 points, or 0.37%, to 4,566.

It followed news that the US economy grew at an annual rate of 3.5% in the July-September quarter.

Visa rose 10% after it reported analyst-beating earnings.

MasterCard also posted a better-than-expected profits, sending it shares 9.4% higher.

A number of tech shares were hit, led by Intel's 4% fall as other chip makers, including Amtel and Intersil, reported disappointing earnings.

Microsoft lost 1.2%, Facebook fell 2.3%, and Texas Instruments lost 1.7%.