Wall Street struggles to extend gains Tuesday 17:30 GMT. Wall Street struggled to extend its recent run of gains and the dollar retreated further from a four-year high as participants digested a mixed batch of economic releases on both sides of the Atlantic. Oil prices fell sharply amid fresh doubts that an Opec meeting this week would result in any agreement being reached on production cuts. By midday in New York, the S&P 500 equity index was down 0.1 per cent from Monday's record close, although it did reach an all-time intraday peak of 2,074.21 shortly after the start of trade. In Europe, the FTSE Eurofirst 300 ended 0.2 per cent higher at a two-month peak, while the Nikkei 225 in Tokyo added 0.3 per cent. The Shanghai Composite rose 1.4 per cent to a three-year high amid lingering hopes for further Chinese interest cuts. A key focus for the markets came from an unexpected upward revision to third-quarter US GDP growth to an annualised pace of 3.9 per cent, from the initial estimate of 3.5 per cent. But the details of the report painted a mixed picture. "Whilst some parts of this release do suggest that the US economy has more momentum than initially indicated, both inventories and the defence component of government spending are likely to revert to being considerable drags in the fourth quarter," said Rob Carnell, chief international economist at ING. At the margin, these figures make it easier for the Federal Reserve to move towards pushing rates higher next year. But a lot can happen between now and the April 2015 rate hike the market is pricing in, including much weaker inflation and a possible re-run of the 2013 government shutdown, and we are taking nothing for granted. Nevertheless, Alan Ruskin, strategist at Deutsche Bank, highlighted that the solid performance by the US economy was a clear exception in a "growth challenged" world. "Within G7, only the UK and Canada have likely recorded decent third-quarter growth near 3 per cent, while the "big three" - Japan, the eurozone and China - have all displayed significant weakness relative to the perceived long-term trend," he said. "The US "growth exceptionalism" view remains a key driver behind our positive medium-term dollar views, and has only been reinforced by the latest data." However, the dollar index - which has risen some 10 per cent so far this year to reach its highest level since mid-2010 - reversed an early rise to stand 0.2 per cent lower. The euro was up 0.2 per cent at $1.2469, while the US currency slipped 0.3 per cent against the yen to Y117.91. The dollar's retreat was attributed by some to news that the Conference Board's index of US consumer confidence had fallen to 88.7 in November from 94.1 - defying expectations for a modest increase. "Despite progress with national employment statistics and despite the cheapest gasoline costs in four years, consumers are marginally less confident heading into the Thanksgiving holiday," said Andrew Wilkinson, chief market analyst at Interactive Brokers. And while the dip in confidence is hardly a nail in the coffin for the protracted equity market rally, it does mesh with more granular initial claims data of late, which have drifted higher. The strength of the US GDP data provided a stark contrast to a lacklustre third quarter performance by the German economy. Growth was left unrevised at just 0.1 per cent - although the details showed robust consumer spending and solid export performance. "Although the latest surveys continue to show subdued business confidence, we expect the mood to gradually brighten as external demand becomes firmer, especially from Asia and the US," said Thomas Harjes, an economist at Barclays. This should support better investment activity, but a solid revival and release of pent-up demand and shelved projects may not occur before next year. Yields on a number of 10-year eurozone government bonds fell to record lows, with Spain's dipping 4 basis points to 1.94 per cent and Portugal's by 5bp to 2.92 per cent. The 10-year German Bund yield fell 3bp to 0.75 per cent, within a whisker of its all-time low. US Treasuries moved in tandem with their European counterparts, and the 10-year yield was down 1bp at 2.30 per cent, on track for its lowest close in a month. Oil prices fell after Venezuela's foreign minister and Opec representative said talks between his country and Saudi Arabia, Russia and Mexico had failed to reach agreement on cuts to crude output. Brent was down $1.27 at $78.41. Gold took little cheer from the dollar's weakness as the metal traded flat at $1,197 an ounce.