* Q3 GDP grows but pace is slower than expected
* Nov. FOMC minutes due at 2 p.m. (1900 GMT)
* Indexes down: Dow 0.4 pct, S&P 0.3 pct, Nasdaq 0.5 pct
* For up-to-the-minute market news, click []
(Updates to midday)
By Angela Moon
NEW YORK, Nov 24 (Reuters) - U.S. stocks fell on Tuesday,
with the Dow coming off its 13-month high, after data showed
the economy grew at a slower-than-expected pace in the third
quarter.
Gross domestic product expanded 2.8 percent rather than the
3.5 percent pace the government estimated last month and the
2.9 percent forecast by economists polled by Reuters.
While the economy expanded after contracting for four
straight quarters, investors are looking for more robust growth
to justify additional stock gains after a 22 percent rise in
the S&P 500 this year.
"You have to see bigger improvements, especially in
consumer-related areas, to see bids made by risk-takers in this
market," said Chad Morganlander, market strategist at Stifel,
Nicolaus & Co in Florham Park, New Jersey.
The Dow Jones industrial average <> was down 42.63
points, or 0.41 percent, at 10,408.32. The Standard & Poor's
500 Index <.SPX> was down 3.21 points, or 0.29 percent, at
1,103.03. The Nasdaq Composite Index <> was down 11.50
points, or 0.53 percent, at 2,164.51.
U.S. home prices rose in September, according to the
Standard & Poor's/Case-Shiller index, but the increase was less
robust than forecast. The Dow Jones U.S. Home Construction
index <.DJUSHB> fell 2 percent. For details, see
[]
Investors will sift the minutes from the Fed's Nov. 3-4
Open Market Committee meeting, due at 2 p.m. (1900 GMT), for
clues on when the U.S. central bank might begin withdrawing
stimulus measures.
The Nasdaq was pressured by Hewlett-Packard Co <HPQ.N>,
which fell 1.9 percent to $50.05 a day after it reported a
quarterly profit that matched its preliminary results but said
the economy remained challenging. []
Financial stocks also stumbled on worries that Chinese
banks could raise billions of dollars in capital under
government pressure to shore up their finances. Such sales of
new stock and bonds could strain equities markets. Shares of
JPMorgan Chase <JPM.N> shed 2.2 percent to $42.36.
Both the S&P 500 financial sector <.GSPF> fell about 0.9
percent, and the KBW Bank Index <.BKX> was down 0.6 percent.
(Editing by Kenneth Barry)
((angela.moon@thomsonreuters.com;+1 646 223 5685; Reuters
Messaging:angela.moon.reuters.com@reuters.net))
