Strong growth in the nation's gross domestic product spooked investors and sent stocks mostly lower Wednesday as the data renewed fears that the Federal Reserve would continue raising interest rates. Despite the drop, the market ended November with impressive gains.
Wall Street endured a third day of flat-to-lower trading despite a recent string of government reports that have painted an uplifting picture of the economy.
The Dow Jones industrial average fell 82.29, or 0.76 percent, to 10,805.87. The Standard & Poor's 500-stock index lost 8 points, or 0.64 percent, to 1249.48, and the Nasdaq composite index rose 0.11 to 2232.82.
The latest GDP figure for the July-to-September quarter was revised to a 4.3 percent annual rate from a preliminary reading of 3.8 percent and beat economists' forecast of 4 percent growth and a 3.3 percent advance in the prior quarter.
With crude oil futures off of their summer highs and economic data improving, Wall Street enjoyed stellar gains in November. For the month, the Dow gained 3.5 percent, the S&P 500 rose 3.52 percent and the Nasdaq surged 5.31 percent.
The market is still well positioned to end the year in positive territory. For the year to date, the Dow is up 0.21 percent, the S&P 500 has gained 3.1 percent and the Nasdaq has risen 2.64 percent.
Research in Motion, maker of the BlackBerry pager, tumbled $3.79, or 5.8 percent, to $61.13 after a Virginia judge threw out the company's proposed patent settlement with NTP.
Yahoo added 4 cents, to $40.23, even after UBS Investment Bank lowered it one notch to "neutral," saying it needs to execute on several key initiatives before earnings estimates can be raised.
Smithfield Foods, the world's largest pork processor, said its second-quarter profit fell 12 percent but matched analysts' target before restructuring charges. A sharp rise in beef sales helped revenue grow 7 percent. Smithfield fell 76 cents, to $29.23.
Genworth Financial gained 45 cents, to $34.45, on news that its stock will be added to the S&P 500, replacing troubled energy merchant Calpine.
New York Stock Exchange composite index fell 47.71, to 7645.28.
American Stock Exchange index fell 6.89, to 1689.80.
Russell 2000 index of smaller-company stocks rose 3.60, to 677.29.
NYSE: 2.41 billion shares, up from 2.26 billion on Tuesday. Decliners narrowly outnumbered advancers.
Nasdaq: 1.92 billion shares, up from 1.78 billion. Advancers outnumbered decliners 4 to 3.
Crude oil for January delivery: $57.32, up 82 cents.
Gold for current delivery: $494.60 a troy ounce, down from $499.10 on Tuesday.