Revised growth data send stocks down
Specialist Michael McDonnell works at his post Monday on the floor of the New York Stock Exchange. Markets were mixed before sliding in early trading Tuesday. (Nov. 21, 2011) Credit: AP
The downward revision of U.S. economic growth in the third quarter and renewed European debt worries sent stocks lower Tuesday.
The Dow Jones industrial average lost 53.59 points, or 0.46 percent, to close at 11,493.72. It had been down as many as 113 points shortly before noon. The Standard & Poor's 500 fell 4.94 points, or 0.41 percent, to 1,188.04. The Nasdaq composite fell 1.86, or 0.07 percent, to 2,521.28.
The Commerce Department reported the U.S. economy grew at a 2 percent annual rate from July through September, down from its initial estimate of 2.5 percent.
Across the Atlantic there were more signs of trouble in Europe's debt crisis. Spain was forced to pay sharply higher interest rates in an auction of short-term debt, suggesting investors are still skeptical the country will get its budget under control despite a new, center-right government coming to power this week.
Still lurking in the background for stocks was the news Monday a congressional committee failed to reach a deal to cut budget deficits.
Hochul to sign Aid in Dying bill ... Woman struck by car dies ... MTA plans fare, toll hikes ... Let's Go: Williamsburg winter village
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