MIDDAY LUNCH

Dow 10657.08  +20.70, Nasdaq 2293.60  +10.08, S&P 1123.29  +2.83 

Stocks are off today’s highs on no real news, but a lack of conviction and no real leadership can be blamed.

Additionally, rumors about bank stress test have caused some of the decline.

There has been no official statement, but there are rumors that China’s regulators have requested their banks conduct stress tests to account for a 60% decline in residential property prices.

In economic news the ADP Employment number shows 42,000 private jobs were created in July.  This beat estimates and now traders are waiting for the Official nonfarm payroll numbers, which will be released on Friday.

Additionally, the ISM Service Index for July came in better than economist had estimated.

In Stock news Priceline.com (PCLN) 281.82 +51.25, +22.25% are higher after the company reported better than expected earnings.

Barnes & Noble (BKS) 15.59 +2.74, +21.34% are higher on news that the company may be up for sale.