US stocks dip after third-quarter GDP estimate lowered
Wall Street equities indices were off Tuesday after the Commerce Department issued a revised estimate of third-quarter gross domestic product with lower growth from July-September, dpa reported.
The Bureau of Economic Analysis, which issued an initial estimate last month of 2.5-per-cent growth for the third quarter, said that business inventories were significantly smaller than first believed. As a result, annualized growth was trimmed to 2 per cent.
The blue-chip Dow Jones Industrial Average lost 53.59 points, or 0.46 per cent, to 11,493.72. The broader Standard & Poor's 500 Index shed 4.94 points, or 0.41 per cent, to 1,188.04. The technology-heavy Nasdaq Composite Index slipped 1.86 points, or 0.07 per cent, to 2,521.28.
The US currency was off against the euro at 74.01 euro cents from 74.15 euro cents on Monday. The dollar edged up against the Japanese currency to 76.99 yen from 76.92 yen.