US Stocks closed slightly lower overnight, the Dow Jones retreating after hitting a 13 month high the day before, a weaker GDP report for the third quarter and a mixed housing report outweighed an improved outlook from the US Federal Reserve.
The US Federal Reserve raised its growth forecast for next year and cut is forecast for the unemployment rate.
The Dow Jones Industrial Average fell 17 points to 10,434. The S&P500 Index is down just over half a point at 1,106 and the NASDAQ dropped 7 points to 2,169.
In economic news: The Commerce Department released data showing that GDP grew at a 2.8% annual rate in the third quarter, revised down from the 3.5% initially reported.
The S&P/Case Shiller study of the 20 largest metropolitan areas showed that house prices rose 3.1% in the third quarter from the previous quarter but remained 9% below the same time last year.
And the Conference Board said its Consumer Confidence index rose to 49.5 in November from 48.7 in October. Expectations were for a read of 47.5.
In company news: Shares in Severn Bancorp Inc (NASDAQ:SVBI) declined 16.81 per cent to $2.32. The company says it has signed supervisory agreements with the Office of Thrift Supervision following concerns regarding the company’s operating results.
Shares in computer maker Hewlett-Packard Company (NYSE:HPQ) lost 1.63 per cent to $50.19. The company posted earnings for the quarter of $1.14 a share in line with its upgraded forecast provided the week before. Revenue however dropped.
Shares in oil tanker company DHT Maritime Inc (NYSE:DHT) fell 0.49 per cent to $4.03. The company reported weaker earnings for the third quarter that met analysts’ forecasts and decided to suspend its dividend for the quarter to help preserve liquidity.
And shares in footwear retailer DSW Inc (NYSE:DSW) soared 10.56 per cent to $22.71. The retailer posted stronger than expected results for the quarter thanks to higher sales and the company’s cost cutting initiatives. DSW also raised its full year outlook, the second time in over a month. In the NASDAQ Top 100: Illumina was the best performer, adding 5.62% to $27.99 followed by Dish Network and Warner Chilcott. The worst performer was Dell shares down 3.18% to $14.32, while Foster Wheeler and Liberty Global also closed lower.
