The major averages fluctuated as investors digested earnings and economic data. Third-quarter GDP grew at an annualized rate of 1.5%, slightly below analyst expectations of 1.6% and well off the 3.9% experienced in the second quarter. A separate release showed that initial jobless claims came in at 260,000, below estimates of 265,000. Another report showed that pending home sales unexpectedly declined in September.

In M&A news, Allergan (AGN +5.98%) jumped on a Wall Street Journal report of merger talks with Pfizer (PFE -1.92%). The deal would represent the largest corporate consolidation in 2015. In earnings, Aetna (AET +3.38%) rose after exceeding profit projections and raising forward guidance. GoPro (GPRO -15.19%) and Buffalo Wild Wings (BWLD -17.33%) tumbled after each company missed earnings expectations.

Five sectors in the S&P 500 traded higher on the day. Utilities stocks underperformed, while the healthcare sector paced the gains.

Treasuries were lower across the curve for a second-straight session. The benchmark U.S. 10-year note retreated 20/32, to yield 2.17%. Commodities were mixed. WTI crude erased earlier gains and fell 0.5% to $45.74/barrel. COMEX gold declined 2.5% to $1146.90/ounce.

Valeant (VRX) suffered damaging losses after revisited in the "Featured Stock Update" section of the 10/20/15 report (read here) with a cautionary note - "Previously featured stocks which were dropped can serve as educational examples of the investment system's tactics. It is also a reminder that high-ranked leaders eventually fall out of favor. The action demonstrates the importance of recognizing sell signals and limiting losses if any stock falls more than -7% from your purchase price. "