* Final reading of Q3 GDP at 3.5 pct vs. est. 3.3 pct
* Apple's fall weighs on S&P, Nasdaq
* S&P has risen about 11 pct so far in 2016
* Indexes down: Dow 0.13 pct, S&P 0.20 pct, Nasdaq 0.29 pct
(Adds details, changes comment, updates prices)
By Tanya Agrawal
Dec 22 U.S. stocks slipped in light trading on
Thursday ahead of the holiday season, pulling the Dow Jones
Industrial Average further away from 20,000, a level it has
The Dow has been flirting with the historic level for the
last several days and came within 13 points of the mark on
U.S. stocks have rallied since the Nov. 8 election, with the
Dow up about 9 percent and the S&P 500 gaining 6 percent on bets
that the economy would benefit from President-elect Donald
Trump's plans for deregulation and infrastructure spending.
The S&P has risen about 11 percent in 2016, topping the 8
percent gain that strategists had predicted in a Reuters poll 12
"The market has paused a little bit after the recent rally
but there is no concern regarding the fundamentals," said Jamie
Cox, managing partner at Harris Financial Group in Richmond,
"We're seeing a little bit of rotation going on with
investors moving out of technology and consumer sectors and into
The market showed little reaction to data showing that the
U.S. economy grew faster than initially thought in the third
quarter, notching up its best performance in two years.
Gross domestic product increased at a 3.5 percent annual
rate instead of the previously reported 3.2 percent pace, the
Commerce Department said in its third GDP estimate.
Consumer spending, which accounts for more than two-thirds
of U.S. economic activity, rose 0.2 percent in November, below
the estimated 0.3 percent gain.
At 10:50 a.m. ET (1550 GMT) the Dow Jones industrial average
was down 25.25 points, or 0.13 percent, at 19,916.71.
The S&P 500 was down 4.61 points, or 0.20 percent, at
The Nasdaq Composite was down 15.82 points, or 0.29
percent, at 5,455.61.
Eight of the 11 major S&P sectors were lower, with the
consumer discretionary index's 0.58 percent fall
leading the decliners. Amazon's 0.43 percent fall was a
drag on the sector.
Apple fell 0.6 percent to $116.35 after Nokia
said it had filed a number of lawsuits against the
iPhone maker for patent infringement. The stock was the biggest
drag on the S&P and Nasdaq.
ConAgra rose 2.9 percent to $39.13 after the
packaged foods maker's quarterly profit beat estimates.
Red Hat fell 12.5 percent to $69.79 after the Linux
software distributor's quarterly revenue fell below estimates.
The stock was among the biggest drags on the S&P.
Declining issues outnumbered advancers on the NYSE by 1,531
to 1,223. On the Nasdaq, 1,589 issues fell and 1,026 advanced.
The S&P 500 index showed 10 new 52-week highs and two new
lows, while the Nasdaq recorded 81 new highs and 28 new lows.
(Reporting by Tanya Agrawal in Bengaluru; Editing by Anil