U.S. stocks fell on Wednesday as earnings reports released today failed to beat heightened expectations amid a solid earnings season.

The broad market continued to fall, despite a better than expected employment data reported this morning.  Most consumer services and consumer goods stock continue to plunge.

The S&P 500 Index was down 8.69 points, or 0.79 percent, to trade at 1,094.63 at 12:26 p.m. EST.  The Dow Jones Industrial Average lost 55.32 points, or 0.54 percent, to trade at 10,241.53.

Some of the biggest decliners of the S&P 500 Index reported earnings this morning or yesterday after the market closed.  Polo Ralph Lauren (NYSE:RL) is down 9.42 percent, C.H. Robinson (NASDAQ:CHRW) dropped 5.89 percent, Ryder System (NYSE:R) dropped 9.48 percent, and the International Paper Company (NYSE:IP) dropped more than 6.62 percent.

Although Polo Ralph Lauren met expectations for earnings, revenues were less than estimates.  Other apparel retailers such as J. Crew (NYSE:JCG), Guess? (NYSE:GES), and Liz Claiborne (NYSE:LIZ) have all declined at least 3.50 percent.

International Paper Company (NYSE:IP) beat earnings estimates, but its revenues declined more than 7 percent.  Including one time charges, the company reported a loss of $0.24 per share.  The largest paper companies in the U.S. and abroad have plunged along with International Paper. 

Pfizer (NYSE:PFE), the biggest decliner of the Dow Jones Industrial Average, missed estimates this morning.  It is trading down 3.04 percent. Other companies in the sector also fell. Bristol Myers (NYSE:BMY) dropped 1.82 percent and Merck (NYSE:MRK) slipped 2.02 percent.

U.S. regional banks and companies related to metals are also among the biggest decliners. 

Follow us on Twitter @IBTFinance