US STOCKS-Wall St flat as Fed eyes stronger 2010

* Q3 GDP growth weaker than expected, Fed ups 2010 forecast * Dell's stock slides as HP says gaining market share * Dow off 0.1 pct, S&P flat, Nasdaq off 0.3 pct * For up-to-the-minute market news, click [STXNEWS/US] (Updates to late afternoon, changes quote and byline)

By Rodrigo Campos

NEW YORK, Nov 24 (Reuters) - U.S. stocks were mostly flat in low volume on Tuesday as the Federal Reserve lifted its growth estimates for 2010, offsetting data that showed the economy grew at a slower-than-expected pace in the third quarter.

Revised government data showed gross domestic product expanded for the first quarter in five, but the increase was just below expectations, and investors scrambled to justify additional stock gains after a 22 percent rise in the S&P 500 so far this year. For details on economic news see [ID:nN24296971].

The downbeat news was offset partially after the Fed revised upward its growth expectation for 2010, while minutes of the last FOMC meeting showed officials are increasingly confident about a durable recovery for the U.S. economy.

"You're getting the cross-current of weak revisions to third-quarter data matrixed against the Fed increasing the growth estimates for the economy for the next year," said Jim Awad, managing director at Zephyr Management in New York.

"But the action in the market is moderate going into the holiday weekend and I wouldn't read too much into it."

The U.S. stock market will be closed on Thursday in observance of Thanksgiving Day. And on Friday, it will be open for only half a day due to the holiday.

The Dow Jones industrial average .DJI slipped 13.53 points, or 0.13 percent, to 10,437.42. The Standard & Poor's 500 Index .SPX dipped 0.18 of a point, or 0.02 percent, to 1,106.06. The Nasdaq Composite Index .IXIC dropped 6.69 points, or 0.31 percent, to 2,169.32.