4:30 pm : There were plenty of trading catalysts this session, but participants were generally subdued and left stocks to trade with moderate losses in light volume ahead of the Thanksgiving holiday.

The stock market spent virtually the entire session in negative territory after stocks had logged solid gains in the previous session. Unlike the previous session, though, the dollar bounced between moderate gains and losses before it finished flat. Overseas markets also offered little support as they were hampered with weakness; the Shanghai Composite closed 3.5% lower due, in part, to concern for a lack of market-supportive measures from the country's officials.

Upon a second look, U.S. GDP was determined to have expanded at a 2.8% rate in the third quarter. That was in step with expectations, but it marked a considerable downward revision to the 3.5% increase that was posted as part of the advance GDP estimate.

Despite expectations for the downward revision, the Fed raised its GDP target for 2009 to the range -0.4% to -0.1% from the range -1.5% to -1.0%, according to the minutes from the November 4 FOMC meeting.

Though there is no empirically proven corollary between consumer confidence and spending, participants showed a short-lived, positive response to news that the November Consumer Confidence Index improved to a better-than-expected reading of 49.5. Retailers showed some strength early, but settled the session flat.

6:15PM Inergy announces closing of new $525 mln four-year revolving credit facility (NRGY) 33.37 +0.78 : The new credit facility replaces Inergy's old facility that was due to mature in November 2010.

5:17PM Northwestern Corp: Montana Public Service Commission accepts motion for reconsideration regarding company's recent general rate filing (NWE) 25.58 +0.14 :  

5:15PM Breitburn Energy: Quicksilver Resources reports 'favorable' rulings on BreitBurn lawsuit (BBEP) 11.31 -0.06 : Quicksilver Resources (KWK) announced that on November 23, 2009 the 48th District Court in Tarrant County, Texas granted Quicksilver's Motion for Partial Summary Judgment and denied the Motion for Partial Summary Judgment filed by BreitBurn Energy. Quicksilver brought suit against BreitBurn and others claiming, among other things, that the BreitBurn Defendants had improperly adopted unilateral changes to the Limited Partnership Agreement which attempted to limit Quicksilver's right to vote for BreitBurn GP, LLC's Board of Directors.