New York, Dec 22 (IANS): US stocks closed lower on Friday as investors digested the latest economic data, speech from a central bank official, and the fact that the government is on the verge of a partial shutdown.

The Dow Jones Industrial Average was down 414.23 points, or 1.81 per cent, to 22,445.37. The S&P 500 fell 50.84 points, or 2.06 per cent, to 2,416.58, Xinhua news reported.

The Nasdaq Composite Index was down 195.41 points, or 2.99 per cent, to 6,332.99.

The US economic growth was revised down to 3.4 per cent in the third quarter, slower than previously estimated, said the Commerce Department on Friday.

The revisions reflected markdowns to consumer spending and exports.

The University of Michigan's consumer-sentiment gauge registered a final December reading of 98.3, higher than the preliminary reading of 97.5.

Federal Reserve Bank of New York President John Williams said Friday that the Fed is open to reconsidering its views on rate hikes next year, according to media reports.

Williams told CNBC that "there are risks to that outlook that maybe the economy will slow further".

He added that the central bank officials will listen to not only markets but everybody they talk to, look at all the data and be ready to reassess and re-evaluate their views.

In the meantime, investors were also monitoring the government shutdown stalemate in which Congress appeared to have no solution for.

The government will be partially closed if Congress could not pass seven bills by midnight Friday.

US President Donald Trump warned of a very long shutdown if lawmakers do not approve money for border wall building.