Last updated September 30, 2009: 4:30 PM ET --- The major U.S. equity indices closed slightly lower after seesawing throughout the day. The stock market ended a strong third quarter with trading that reflected the mixed emotions of the investors about the recovery of the economy. Prices got a lift from the government's latest GDP reading when it was reported that it sank 0.7% in the spring, which is better than the 1.1% drop that economists had forecasted. However, prices plunged after it was reported that the Chicago PMI fell to 46.1 in September, rather than rising to 52 like economists expected. The ADP National Employment Report showed that private sector employment fell by 254,000 in September, following a revised loss of 277,000 jobs in August. It was the fewest jobs lost since 2008. In corporate news, CIT Group Inc. (NYSE:CIT) has investors worried as it prepares an exchange offer that would eliminate as much as 40% of its more than $30 billion in outstanding debt, according to the WSJ. The report said that the exchange would give bondholders control of the company and wipe out common holders. The Dow Jones Industrial Average closed 0.31% lower at 9,712.28, the S&P 500 fell 0.33% to 1,057.07, and the Nasdaq Composite fell 0.08% to 2,122.42.

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