U.S. stocks closed

U.S. stocks rose for a second day as a rally in commodity shares ignited broader gains, while data showed consumer spending bolstered the economy amid slowing growth overseas.

The two most beaten-down industries this year, energy and raw-materials, led most of Tuesday's advance, keeping alive prospects for an anticipated year-end rally. Caterpillar Inc. surged 4.9 percent, while Wal-Mart Stores Inc. gained 1.7 percent as data showed consumers continued to spend. Chipotle Mexican Grill Inc. fell on an investigation into its links to a new spate of illnesses in three additional states.

The Standard & Poor's 500 Index climbed 0.9 percent to 2,039.07 at 4 p.m. in New York, as the gauge added to its rebound from a two-month low.

A report today showed the economy expanded at a revised 2 percent annualized rate in the third quarter, buoyed by consumer spending. Meanwhile, businesses struggled with weaker overseas growth and a strong dollar, which have weighed on net exports. Sustained growth in the U.S. combined with weakening in other parts of the globe, including in China, could widen the gap between exports and imports in the quarters ahead.

Investors have wavered between optimism on the U.S. economy and concern that slower growth overseas will spread. Federal Reserve policy makers last week signaled faith that the economy is performing well, while emphasizing they're in no hurry to further boost interest rates. Investors were initially soothed by that message, though oil's collapse below levels last seen during the 2008 global financial crisis has weighed on sentiment.

The S&P 500 historically rises in December, with the final two weeks delivering an average gain of 1.7 percent. The so-called Santa rally is under pressure this year, with the benchmark down 2 percent in December and in the midst of its worst final month since 2002. After rebounding as much as 13 percent from its summer low through early November, the S&P 500 has retreated 3.4 percent, putting it on track for its biggest annual drop since the 2008 financial crisis.

In addition to the GDP numbers, data this week on new-home sales, durable-goods orders and personal spending will offer further clues on the health of the economy, after the Fed's first rate increase in almost a decade. Officials at the central bank said any further rate hikes will be gradual and depend on the path of the recovery.

A separate report today showed sales of previously owned homes fell in November to the lowest level since April of last year as a change in industry rules lengthened the amount of time it took buyers to close on a deal.