MIDDAY LUNCH

Dow 11007.63  -136.94, Nasdaq 2477.23  -38.46, S&P 1191.68  -19.99 

Even with better than expected earnings reports from several companies today the market has been selling off on news that Goldman Sachs (GS) 164.15 -20.12, -10.92%  and one of its executive have been charged with civil fraud in connection with the sale of subprime securities.  The news about Goldman has put other investment banks and brokerages under pressure as traders fear the SEC probes and charges could widen.  The financial sector is trading down -3.5%.

Google (GOOG) 557.26, -38.04, Bank of America (BAC) 18.72, -0.77, and General Electric (GE) 18.83, -0.67 all topped analysts’ earnings estimates. 

Housing Starts rose +1.6% in March to an annual rate of 626,000. Building permits, a sign of future construction, climbed to the highest level since October 2008.