The U.S. Commerce Department released gross domestic product data on Thursday. The U.S. preliminary gross domestic product increased at an annual rate of 3.5% in the third quarter, beating expectations for a 3.1% gain, after a 4.6% rise in the second quarter.

Business investment, housing and consumer spending held up with job gains, which contributed to consumer confidence.

Consumer spending slowed to 1.8% in the third quarter from 2.5% in the second-quarter.