New York, Nov 25 (IANS) US stocks pared early losses to trade narrowly mixed as investors pondered over the country’s revised economic growth for the third quarter of 2015.
By Tuesday noon, the Dow Jones Industrial Average rose 19.64 points, or 0.11 percent, to 17,812.32. The S&P 500 edged down 0.37 point, or 0.02 percent, to 2,086.22, Xinhua reported.
The Nasdaq Composite Index fell 8.05 points, or 0.16 percent, to 5,094.43.
US real gross domestic product (GDP) increased at an annual rate of 2.1 percent in the third quarter of 2015, lower than a growth of 3.9 percent in the second quarter, according to the Commerce Department on Tuesday.
The growth was generally in line with market expectations. This is the agency’s second estimate for the GDP growth in the third quarter, compared to a 1.5-percent advance estimate.
The price index for gross domestic purchases increased 1.3 percent in the third quarter, compared with an increase of 1.5 percent in the second. Excluding food and energy prices, the price index for gross domestic purchases increased 1.3 percent, compared with an increase of 1.2 percent.
“Stronger growth but a weaker mix, with the biggest changes in inventories, revised up, and consumption, revised down. GDP growth on a year-on-year basis was revised from 2.0 percent to 2.2 percent, putting it right in the middle of the range for annual growth since 2010,” said Chris Low, chief economist at FTN Financial, in a note.
“From the Fed’s perspective, the revision doesn’t mean much. It’ s strong enough to allow a rate hike, but not strong enough to demand one,” he added.
Meanwhile, US consumer confidence declined further in November. The Conference Board Consumer Confidence Index came in at 90.4 in November, down from 99.1 in October and well below market consensus of 99.6.
On Monday, US stocks reversed early gains to close mildly lower as Wall Street digested a batch of downbeat economic reports.