NEW YORK - 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. However, analysts said there is still room for stocks to advance.
"We've had a great four- to six-week run, and now the economic data has been far better than expected," said Jack Caffrey, an equity strategist for J.P. Morgan Private Bank. "So at this point, seeing the market consolidate here makes perfect sense."
The Dow Jones industrial average fell 82.29, or 0.76 percent, to 10,805.87.
Broader stock indicators were mixed. The Standard & Poor's 500 index lost 8.00, or 0.64 percent, to 1,249.48, and the Nasdaq composite index rose 0.11, nearly flat, to 2,232.82.
Bonds continued to slip after Monday's sell-off, with the yield on the 10-year Treasury note rising to 4.50 percent from 4.48 percent late Monday. The dollar was mixed against other major currencies, while gold prices retreated.
Crude futures moved higher after dropping to fresh five-month lows earlier in the session. A barrel of light crude settled at $57.32, up 82 cents, on the New York Mercantile Exchange.
For November, the Dow gained 3.5 percent, the S&P rose 3.52 percent and the Nasdaq surged 5.31 percent.