MIDDAY LUNCH

Dow 10843.00  +2.00, Nasdaq 2390.00  -7.00, S&P 1165.00  -1.00 

The market has been declining over the last hour on news that a South Korean military ship may have been attached by North Korea.  Details are limited but news reports say the ship is sinking and that there are deaths. South Korea's YTN TV network said, “the government, which met in emergency session in an underground bunker after the incident, was investigating whether the sinking was due to a torpedo attack by the North." 

Other than the Korea story there has been little news of significance to move the market in either direction today.

There has been some economic news today.  The fourth quarter GDP was revised down -0.3 percentage points to +5.6% in the third estimate. The consensus estimate called for it to remain at +5.9%.  Additionally, the final revision to the March University of Michigan Confidence reading came in better-than-expected, at 73.6.  Economist had expected a reading of only 73.0