After The Bell: Stocks Close Lower On Lackluster GDP Data

By Andy Giersher

(CBS) -- Stocks closed mostly lower Thursday, holding on to a bulk of the gains from yesterday's post Fed statement rally, as investors continued to digest quarterly earnings and the possibility of a December interest rate hike.

The S&P 500 dropped a point, the NASDAQ lost 21 and the Dow Jones industrial average closed down 24 points, settling to 17,755.

"The market did hold up today remarkably well, especially considering that we had a pretty lackluster GDP report. Investors and economists were able to look underneath the surface of today's data and see that household spending held up pretty well," says Jack Ablin, chief investment officer at BMO Private Bank.

He adds that he currently sees value in emerging markets, commodities and high yield bonds.