Wall Street lower amid downbeat economic data

Wall Street edged lower Tuesday, after the U.S. government reported that the economy grew at a slower pace in the third quarter than first anticipated.

The Commerce Department says the economy grew at an annual pace of 2.8 percent in the third quarter, below the 3.5 percent initial estimate given last month. Economists had expected a growth of 2.9 percent.

Investors also got a reading on home prices. The S&P/Case-Shiller home price index showed prices rose 0.27 percent in 20 of the nation's largest metropolitan markets in September. Although home prices rose for a fourth straight month, prices declined 9.36percent year on year.

Major indexes briefly pared early losses after the Conference Board said confidence among U.S. consumers unexpectedly rose to 49.5 in November from 48.7 the prior month.

The Dow Jones declined 54.64 to 10,396.31. Broader indexes also went lower. The Standard & Poor's 500 index dipped 4.49 to 1,101.75 and the Nasdaq lost 13.43 to 2,162.58.

Source: Xinhua