Stocks fell slightly on Wednesday after data pointed to a slowdown in U.S. growth, but a technical rebound was possible with the benchmark S&P 500 at its lowest in a month.
The S&P 500 index closed at its lowest level in over a month on Tuesday and ended below its 50-day moving average for a second straight day. The Dow closed lower for a third session.
The continuation of concerns about Europe, about the economy growing at a slower pace is weighing on the market, but the S&P 500 is right at its 100-day moving average of 1,314, and there is a good chance we will see a bounce today, said Robert Pavlik, chief market strategist at Banyan Partners LLC in New York.
New orders for long-lasting durable goods posted their largest decline in six months in April as aircraft and motor vehicle orders tumbled, a government report showed.
Recent weak U.S. data, including soft manufacturing figures from the Atlantic region and disappointing New York and Philadelphia Fed manufacturing surveys, pointed to a slowdown in the pace of economic growth.
American International Group Inc
In earnings, Polo Ralph Lauren Corp
The Dow Jones industrial average <.DJI> was down 19.07 points, or 0.15 percent, at 12,337.14. The Standard & Poor's 500 Index <.SPX> was down 1.97 points, or 0.15 percent, at 1,314.31. The Nasdaq Composite Index <.IXIC> was up 0.72 point, or 0.03 percent, at 2,746.88.
(Reporting by Angela Moon, Editing by Kenneth Barry)