Stocks drop, Dow down for fifth straight day

NEW YORK - Between reported declines in new and existing home sales and news of a decline in third-quarter growth, the stock market moved lower.

The Dow fell 100 points to 8,419.

The S&P 500 dropped 8 points to 863.

And the Nasdaq composite was down nearly 11 points to 1,521.

Earlier today, the government said third quarter gross domestic product declined at an annual rate of 0.5 percent. Sales of new homes dropped 2.9 percent in November, while existing home sales were down 8.6 percent.

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