MIDDAY LUNCH

Dow 10231.18   -184.36, Nasdaq  2171.62  -44.08,S&P  1072.09  -22.07 

Weakness has been widespread, with conglomerates off -2.92% and Transportation down -2.61%.

Much of the selling pressure can be blamed on the worst than expected jobless report.  For the week of August 14^th there were 500,000 new claims for unemployment.  This has caused more fears about the future prospects for the U.S. economy.

Additionally, the Philly Fed Index turned negative, hitting its lowest level in a year.  The Philly Fed Index came in at -7.7, while economists were looking for a positive reading of +7.5.

Shares of McAfee (MFE) 47.08 +17.15, +57.30% are rocketing higher after Intel (INTC) 18.94 -0.64, -3.27% agreed to purchase the company for $7.68 billion or $48.00 per share.