Stocks ended the day 1% lower across the board pressured by the Fed, weak economic data, and some earnings misses. The Federal Reserve announced it will stay the course with its $85 billion monthly asset purchase program. In the latest FOMC statement released this afternoon, the Fed stressed that it is flexible and willing to reduce or increase the pace of asset purchases as economic conditions warrant.

Meanwhile, the ADP Payroll report for April showed just 119,000 new private sector jobs for the month. Estimates were for about 155,000 new jobs. A separate report on growth in manufacturing from the Institute of Supply Management showed activity slowing in March and falling below estimates. A third report from the Commerce Department showed construction spending down 1.7% in March, when predictions were for a gain of 0.7%.

Merck (MRK) shares fell nearly 3% following what appears to be the pattern for the quarter with its earnings report. The pharmaceutical giant beat on earnings though