The US economy grew at its fastest pace in 11 years in the third quarter, suggesting that its economic recovery is gathering serious momentum.

US markets responded positively to the news, as the Dow Jones Industrial Average surpassed 18,000 for the first time and the Standard & Poor's 500 also reached a record high.

The US Commerce Department shifted its gross domestic product growth estimate to 5% from 3.9%, citing strong consumer demand and business spending.

Revisions such as this are common, because government's rarely have a comprehensive set of data available when publishing initial predictions.

Meanwhile, oil prices rose on the back of the news, with Brent crude adding 1.1% and West Texas Intermediate gaining 0.6% after falling in the previous session.

Oil prices have fallen dramatically since the summer, losing around 40% of their value amid a supply glut and lukewarm global demand.

The decline has a mixed impact for the US economy, which remains a net importer of oil. For consumers, the falling price of crude has led to a decline in the price of gasoline at the pump. On the flip side, US oil producers have received less for the same product.