MIDDAY LUNCH

Dow 10130.97  -228.37, Nasdaq 2191.89  -57.39,S&P 1069.75  -2701.00 

The slide in stock prices has been steady all day, even after another batch of better than expected earnings reports.

Both Bank of America (BAC) 14.05 -1.34, -8.71% and Citigroup (C) 3.93 -0.22, -5.41% posted better than expected earnings this morning, but it hasn’t given any support to the financial sector which in down -3%.

General Electric (GE) 14.65 -0.60, -3.93% also posted better than expected results for the quarter, despite that conglomerates are also down -3.06%.

Weak economic data is the cause for today’s slide.  The Michigan Preliminary Sentiment came in well below what economist had expected.  This has caused some to again focus on the economy and ignore earnings.