Summary Box: Growth downgrade pushes stocks down

AP News
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Posted: Nov 22, 2011 4:42 PM
Summary Box: Growth downgrade pushes stocks down

THE S&P 500: The Standard & Poor's 500 index fell 5 points to 1,188. It was the fifth straight decline for the S&P 500, the longest losing streak since August.

SLOWER GROWTH: Investors were disappointed that the Commerce Department downgraded its estimate of third-quarter economic growth in the U.S. to 2 percent from its previous estimate of 2.5 percent.

DEBT WORRIES: The S&P has lost 5.5 percent over the past week on worries that Spain could get dragged into Europe's debt crisis and as Congress neared a deadlock over cutting the U.S. budget deficit.