U.S. markets close down Tuesday

A slight advance in U.S. markets eroded Tuesday after the Bureau of Economic Analysis confirmed its estimate of third quarter economic contraction.

The economy shrank 0.5 percent in the third quarter, the Bureau said, leaving a previous estimate unchanged.

Ford Motor Co. dropped 13.9 percent and General Motors Corp. fell 14.77 percent after Credit Suisse downgraded GM, The Wall Street Journal reported.

By close, the Dow Jones industrial average fell 100.28 points or 1.18 percent to 8,419.49. The Standard & Poor’s 500 fell 8.47 or 0.97 percent to 863.16. The Nasdaq composite index dropped 10.81 or 0.71 percent to 1,521.54.

On the New York Stock Exchange, 1,202 stocks advanced and 1,886 declined on a volume of 5.2 billion shares traded.

The benchmark 10-year U.S. Treasury bond rose 1/32 to yield 2.176 percent.

The dollar was mixed. The euro rose to $1.3962, compared to Monday’s $1.3943. Against the Japanese yen, the dollar rose to 90.91 yen, up from Monday’s 90.08 yen.

In Tokyo, the Nikkei average gained 135.26 points to 8,723.78, up 1.57 percent.

In London, the FTSE 100 index gained 6.82 or 0.16 percent to 4,255.98.