Afternoon Markets: Dow dives as Fed begins rate meeting

The Dow Jones has fallen 1% this morning as investors await the outcome of the Federal Reserve's two-day rate setting meeting.

The Wall Street index was down 92.50 points (0.99%) to 9245.45 early, with no stocks seeing a substantial rise. Investors are also examining the latest Commerce Department figures, which reported a 1.7% decline in wholesale inventories in June and a 10.3% decrease year-on-year. Sales increased 0.4% from May, but fell 21% from June 2008. General Electric, which last week paid a $50m fee to settle civil fraud charges brought by the SEC, is leading the index lower early - down 2.81% to $14.16 so far. Mining equipment provider Caterpillar is close behind, falling 2.57% to $45.94. Wa...