By Anora Mahmudova and Sara Sjolin, MarketWatch 3Q GDP revised
upwards
NEW YORK (MarketWatch) -- After a positive start to the day,
U.S. stocks came under pressure amid a mixed bag of economic
reports on Tuesday, highlighted by a report that showed consumer
confidence dipping in November.
The S&P 500 and Dow Jones Industrial Average opened above
their previous record levels on Tuesday, helped by a surprise
upward revision to third-quarter GDP report, but gains soon
faded.
The S&P 500 (SPX) was flat after earlier setting a new
intraday high. The Dow Jones Industrial Average (DJI) moved
lower.
The Nasdaq Composite (RIXF) and Russell 2000 (RUT) were
flat.
Economic data: The revised GDP report showed that the economy
expanded even faster than previously reported; however, analysts
warned that the growth rate is likely unsustainable.
Weighing on sentiment was a surprise dip in consumer confidence
index in November, as consumers were less optimistic about both
current and upcoming conditions.
U.S. home prices were just about unchanged in September, as
annual growth cooled to the slowest year-over-year pace in two
years, moving the market closer to sustainable gains, according to
data released Tuesday.
Stocks to watch: Tiffany & Co. (TIF) shares jumped after the
luxury jeweler said sales rose in the most recent period as its
biggest market, the Americas, posted robust growth, although the
results fell below analysts' expectations as the company's Japan
and Asia-Pacific markets delivered weaker performances.
Shares of TJX Companies (TJX) rose after its rating was lifted
to overweight from neutral by J.P.Morgan.
Netflix, Inc. (NFLX) shares dropped after analysts at Stifel
Nicolaus cut the rating of the stock to hold from buy.
Hormel Foods Corp (HRL) shares fell, after quarterly profit fell
a penny shy of expectations, even though sales topped estimates.
The processed foods company said sales in its key refrigerated
foods and Jennie-O Turkey Store segments helped offset a slowdown
in its specialty and grocery products segment in the fourth
quarter.
Other markets: European stock markets climbed after GDP data
from Germany confirmed Europe's largest economy dodged falling into
a technical recession in the third quarter. Asia stocks closed
mixed.
Oil futures (CLF5) advanced and gold prices (GCZ4) slipped after
the GDP data. The dollar (DXY)(USDJPY) moved slightly lower against
the yen.
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