Stocks little changed after GDP estimate is raised

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Associated Press

Posted on December 20, 2012 at 10:00 AM

Updated Thursday, Dec 20 at 10:02 AM

NEW YORK (AP) — Stock indexes are holding near the break-even level in early trading even after the government raised its estimate for third-quarter U.S. economic growth.

Investors remain focused on budget talks in Washington. Republican lawmakers were advancing a bill that would raise taxes on people earning over $1 million a year, but President Barack Obama has threatened to veto it.

The Dow Jones industrial average was down a point at 13,250 shortly after the opening bell Thursday.

The Standard & Poor's 500 index was up a point at 1,437 and the Nasdaq composite slipped a fraction to 3,044.

The U.S. government raised its estimate for economic growth in the July-through-September quarter to 3.1 percent from 2.7 percent.

NYSE Euronext jumped 35 percent after agreeing to be acquired by IntercontinentalExchange for $8.2 billion.

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