NEW YORK, Aug. 29 (Xinhua) -- U.S. stocks closed higher on Wednesday as investors digested a batch of key economic data.

The Dow Jones Industrial Average increased 60.55 points, or 0.23 percent, to 26,124.57. The S&P 500 increased 16.52 points, or 0.57 percent, to 2,914.04. The Nasdaq Composite Index rose 79.65 points, or 0.99 percent, to 8,109.69.

The Commerce Department said on Wednesday that Economic growth was stronger during the second quarter than earlier estimated.

Real gross domestic product (GDP), the value of all goods and services produced across the economy, rose at a 4.2 percent annual rate in the second quarter, adjusted for seasonality and inflation.

The figure was higher than the 4.1 percent annual rate the department estimated earlier.

Meanwhile, pending home sales fall for seventh straight month in July.

Signed contracts to buy existing homes fell 0.7 percent in July compared with June, according to the National Association of Realtors' pending home sales index. The index was down 2.3 percent compared with July 2017. Enditem