MIDDAY LUNCH

Dow 10423.41  -220.84, Nasdaq 2213.55  -63.62,S&P 1093.52  -27.54 

Stocks started to fall right at the opening with a wave of selling pressure on concerns about economic growth.

Traders became concerned after the release of the FOMC rate decision and their policy statement which indicated the pace of the recovery has slowed in recent months.

As expected economically sensitive sectors are being affected the most with Conglomerates down -3.06%, Capital Goods down -2.89% and Basic Materials down -2.61%.

After the close today Cisco Systems (CSCO) 23.55 -0.76, -3.17% is due to report earnings.  Analysts’ estimates are for the company to report earnings of +$0.42 versus year ago earnings of +$0.31.