The stock market took a breather today after another strong day on Monday, as the U.S. Commerce Department revised its estimate of the nation's gross domestic product for the third quarter to 2.8 percent from the initial estimate of 3.5 percent.
The downward revision came with slightly lower totals of consumer spending and business investment in nonresidential structures.
Despite the downward revision, the growth in the third quarter was the strongest in two years, the government said. Before growing in the June-to-September quarter, the U.S. economy had shrunk for four consecutive quarters for the first time since the Great Depression.
Meanwhile, the Conference Board said its Consumer Confidence Index increased to 49.5 in November from a revised reading of 48.7 in October.
The largest local advancers in the BizTimes Stock Index this morning were A.O. Smith Corp. (up 59 cents to $42.65) and Kohl's Corp. (up 37 cents to $53.97). The largest local decliners this morning were Bucyrus International Inc. (down 81 cents to $51.40) and Manpower Inc. (down 77 cents to $49.80).
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