CNNMoney.com || Stocks end choppy day lower

Stocks ended a volatile session with modest losses Tuesday, as the Fed's improved outlook and some signs of improvement in housing tempered a weaker revision on economic growth released in the morning.

The Dow Jones industrial average lost 17 points, or 0.2%. The Dow ended the previous session at its highest level since Oct. 2, 2008.

The Nasdaq composite lost 7 points, or 0.3%, while the S&P 500 was barely changed.

Stocks slipped Tuesday morning after a report showed third-quarter GDP grew at a slower pace than initially reported. But the market cut losses in the afternoon as the dollar went from mixed to weak, a boon for commodity stocks and the stocks of multinational companies that benefit from a weak currency.

The economic forecast attached to the minutes from the last Federal Reserve policy meeting also helped investors recover from bigger morning losses.

Nonetheless, stocks aren't likely to advance in this thinly-traded pre-Thanksgiving week, said David Levy, portfolio manager at Kenjol Capital Management.

"Stocks have had a massive run off the March lows and some participants are going to want to lock in profits ahead of the holiday," he said. In addition, investors will be awaiting the results from Black Friday, the day after Thanksgiving and the start of the crucial holiday shopping period, he said.

Since bottoming at a 12-year low on March 9, the Dow has gained 59.4% as of Tuesday's close. In that same period, the Nasdaq gained 69% and the S&P 500 gained nearly 64%.

Trading was volatile and trading volume was low Tuesday, a trend likely to continue through the holiday-shortened trading week. All financial markets are closed Thursday for Thanksgiving. Stocks trade in an abbreviated session Friday.