Wall Street slips on data, chance of technical rebound

NEW YORK (Reuters) - Stocks fell slightly on Wednesday after data pointed to a slowdown in U.S. growth, but a technical rebound was possible with the benchmark S&P 500 at its lowest in a month.

The S&P 500 index closed at its lowest level in over a month on Tuesday and ended below its 50-day moving average for a second straight day. The Dow closed lower for a third session.

"The continuation of concerns about Europe, about the economy growing at a slower pace is weighing on the market, but the S&P 500 is right at its 100-day moving average of 1,314, and there is a good chance we will see a bounce today," said Robert Pavlik, chief market strategist at Banyan Partners LLC in New York.

New orders for long-lasting durable goods posted their largest decline in six months in April as aircraft and motor vehicle orders tumbled, a government report showed.

Recent weak U.S. data, including soft manufacturing figures from the Atlantic region and disappointing New York and Philadelphia Fed manufacturing surveys, pointed to a slowdown in the pace of economic growth.

American International Group Inc shares fell 4.1 percent to $28.25, below the $29 offer price of the 300 million shares being sold by the U.S. Treasury and the bailed-out insurance company.

In earnings, Polo Ralph Lauren Corp posted lower-than-expected quarterly results and said higher raw material costs and business interruptions in Japan would hurt full-year margins. The stock was down 8.2 percent at $118.63.

The Dow Jones industrial average was down 19.07 points, or 0.15 percent, at 12,337.14. The Standard & Poor's 500 Index was down 1.97 points, or 0.15 percent, at 1,314.31. The Nasdaq Composite Index was up 0.72 point, or 0.03 percent, at 2,746.88.

(Reporting by Angela Moon, Editing by Kenneth Barry)