Market Summary

Wall Street saw ended lower on Tuesday, as stocks fluctuated in trading following a host of economic data and comments from the central bank. The fed upped their 2010 growth prospects for the U.S., while downwardly revising their unemployment predictions for Q4 of 2010.

In a very light volume session, HPQ led the blue chips lower, as the Dow Jones industrial average dropped 17.24 points, or 0.16 percent, to end at 10,433.71. The Standard & Poor’s 500 Index lost 0.59 of a point, or 0.05 percent, to 1,105.65, while the Nasdaq Composite Index fell 6.83 points, or 0.31 percent, to 2,169.18.

The dollar rose slightly, while benchmark crude for December delivery fell $1.54 to settle at $76.02 a barrel on the NYMEX. The EIA will release their inventory report tomorrow.

New Fed Forecasts

The fed forecasts that the unemployment rate will be in the 9.3 to 9.7 percent range at the end of 2010, compared with a 9.5 to 9.8 percent range in their previous forecasts from June. They expect GDP to grow 2.5 to 3.5 percent next year, compared with a 2.1 to 3.3 percent projection in June.

In addition, the unemployment rate will be in the 6.8 to 7.5 percent range at the end of 2012, according to forecasts of 17 top Fed officials. The unemployment rate currently stands at 10.2%. Tons of slackkkk

Tons of Economic Data…No Clear Direction

The street was hit with a barrage of economic reports during the session, and its clear that nothing is definitive in terms of the economic strength and direction.

The U.S. Commerce Department’s second estimate of third quarter economic output, published on Tuesday, showed growth at a 2.8 percent annual rate, rather than the 3.5 percent pace it estimated last month.

It was still the fastest pace since the third quarter of 2007

The Standard & Poor’s/Case-Shiller index of home prices in 20 metropolitan areas rose 0.3 percent in September. It was the fifth straight monthly increase in home prices. Year over year however, home prices fell 9.4%.

Consumer confidence also edged up in November following October’s decline. The index increased to 49.5 in November from 48.7 in October. Economists had been expecting a slight decline.