MIDDAY LUNCH

Dow 10680.05  +26.80, Nasdaq 2298.79  +10.33,S&P 1125.05  +3.43 

Stocks have fallen from the session highs and have fallen into a narrow trading range.  With no real economic data ahead of tomorrow’s FOMC decision and limited corporate announcements has left the market without any true leadership.

Again, economists are expecting rates to remain unchanged and traders will be looking at the official statement for clues on the economy and future rate decisions.  The rate decision is due to be released at 2:15 tomorrow.

Hewlett-Packard (HP) 40.41 -0.21, -0.52% shares are lower today on news that the CEO Mark Hurd is stepping down amid sexual harassment allegations.

Telecom is strong today with the sector up +1.3%, AT&T (T) 26.85 +0.31, +1.17% Verizon (VZ) 29.90 +0.35, +1.18%

Restaurants are also having a good day after McDonald’s (MCD) 72.85 +1.11, +1.55% announced sales the beat estimates.  Panera Bread (PNRA) 78.56 +1.61, +2.09% shares are also higher.