The Standard & Poors 500 Index was little changed after closing yesterday at a record, as data showing the economy expanded more than previously forecast in the third quarter was offset by a drop in consumer confidence.
The S&P 500 slipped 0.1 percent to 2,067.48 at 4 p.m. in New York, following three days of gains. The Dow Jones Industrial Average added 6.13 points, or less than 0.1 percent, to an all-time high of 17,848.21. The Russell 2000 Index of smaller companies dropped 0.1 percent, while the Nasdaq 100 Index extended a 14-year high.
Gross domestic product, the value of all goods and services produced, rose at a 3.9 percent annualized rate, up from an initial estimate of 3.5 percent, Commerce Department figures showed today in Washington. The median forecast of 81 economists surveyed by Bloomberg called for a 3.3 percent gain. After the 4.6 percent increase in the second quarter, it marked the biggest back-to-back advance since late 2003.
The Conference Boards consumer confidence index fell to 88.7 in November from 94.1 a month earlier, the New York-based private research group said today. The median forecast in a Bloomberg survey called for a gain to 96.
Source : Bloomberg