MIDDAY LUNCH

Dow 10583.66  -41.03, Nasdaq 2346.89  -20.77, S&P 1142.37  -7.62 

Stocks are lower today as Wall Street continues to be concerned that lawmakers will limit trading at banks and that China will restrict economic growth to curb inflation.

Tech stocks and financials are under moderate pressure in today’s trading.  While defensive-oriented sectors like consumer staples +0.5%, telecom +0.3% are higher. 

There has not been much in the form of company new to move the market.  As such the market is trading within a tight zone. 

Google (GOOG) 559.48 -20.05, -3.46% shares remain under heavy pressure as news stories circulate that the company will not abide by China’s censorship restrictions and plans to pull out of the country.

PepsiCo (PEP) 65.47 +0.37, +0.57% announced plans to increase its annual dividend by +7% to $1.92 per share from $1.80 per share. The company also plans to return cash to shareholders through a $15 billion share repurchase plan through mid-2013.

In economic news, Industrial production edged up +0.1% in February, beating expectations and marking the eighth straight monthly increase. The manufacturing sector, produced less due to winter storms but is expected to rebound in March.