Analysts said the GDP report did not have more market impact because it reflected past economic performance, and investors were not certain future growth would be as robust. Disappointing earnings from Exxon Mobil Corp. also weighed on shares.

"The sustainability is the biggest question," said Brian G. Belski, fundamental-market strategist at US Bancorp Piper Jaffray. "The question is what is the current GDP and what will the growth be over the next three quarters?"

The Dow Jones industrial average closed up 12.08, or 0.1 percent, at 9,786.61, following a three-day gain of 192 points. Earlier in the day, the blue-chip average advanced as much as 64 points and lost as much as 20 points.

But the broader market declined modestly. The Nasdaq composite index lost 3.87, or 0.2 percent, to 1,932.69. The Standard & Poor’s 500 index fell 1.17, or 0.1 percent, to 1,046.94.

The Commerce Department reported today that the nation’s gross domestic product grew at a 7.2 percent annual rate in the third quarter. It was the strongest pace since the first quarter of 1984; it also beat analysts’ estimates for a 6 percent growth rate.

Meanwhile, the Labor Department reported that new jobless claims last week declined by 5,000 to 386,000, signaling a slowdown in layoffs.

"Certainly the GDP number was good and the market celebrated that," said Barry Berman, head trader for Robert W. Baird & Co. in Milwaukee. "But no one expects this number to continue at this rate, and they do expect the numbers" to be eventually revised lower, he said.

Stocks have climbed since mid-March on investor expectations of a strong economic rebound.

While gains have been more modest in recent weeks, analysts say, investors are still looking for reasons to buy despite concerns that stock prices may be too high.

Martha Stewart Living Omnimedia Inc. rose 41 cents to $10.40 after the multimedia company reported a quarterly loss that was narrower than analysts’ predictions.

Akamai Technologies Inc. jumped $2.04, or 34.2 percent, to $8 after the provider of Internet speedup services posted a quarterly loss that was smaller than analysts’ predictions.

Losers included Exxon Mobil, which fell $1.51 to $36.30, after the oil company reported third-quarter earnings that missed analysts’ estimates.

Aetna Inc. declined $2.49 to $56.30 after the insurance giant posted quarterly profits that came in higher than Wall Street’s projections.

Advancing issues outnumbered decliners 7 to 6 on the New York Stock Exchange. Volume was moderate.

The Russell 2000 index, a barometer of smaller company stocks, fell 1.44, or 0.3 percent, to 530.37.