With the Federal Reserve s decision on interest rates looming, many exchange-traded funds treaded water Tuesday. Stocks, meanwhile, continued their slump as speculation on future interest rates and the Fed outlook dominated the markets.

The Dow Jones Industrial Average closed down 97 points to 9241. The Nasdaq slid 23 to 1970. The S&P 500 shed 13 to go to 994, only the second day of the last seven sessions in which it closed below 1000.

After a robust rally last week, many strategists have grown skeptical of its sustainability. The S&P 500 has climbed more than 50% from its March lows, with only a brief interruption in late June and early July. Additionally, influential bank analyst Richard Bove of Rochdale Securities urged investors to take profits from financial stocks, publishing a research note that said many names "are trading on 'fumes' and not reality."

While the Fed is expected to leave its key target rate unchanged, investors will comb through its policy statement to assess any change in its economic outlook or appetite for Treasurys.

For a detailed rundown on Tuesday s trading session see our market story.

Winners

Big market moves boosted the S&P 500 VIX Short-Term Futures Index fund, which reflects trading volatility. Shares rose 2.7%. Another slide in the broad indexes sent investors to the safe haven of Treasurys, pushing up the iShares Barclays 20+ Year Treasury Bond fund 1.2%.

Losers

Profit taking after a long upward run knocked back shares of the SPDR KBW Regional Banking fund by 4.8%. The energy-heavy Market Vectors Russia fund slid 3.7% as oil prices declined.

Tuesday s Industry Headlines

Launching Pad
Vanguard filed requests with the Securities and Exchange Commission to launch seven exchange-traded funds based on Barclays Capital government and corporate bond indexes. Three funds will track short-, medium- and long-term government bonds, according to the filing. Three funds will track short-, medium- and long-term corporate bonds and the seventh will track a Barclays index of mortgage-backed securities. The funds will charge annual expense ratios of 0.15%.

Wednesday s Notebook

Earnings and Conference Calls
Advance Auto Parts, American Defense Systems, BHP Billiton, CAE, Capstone Therapeutics, CTI Industries, Ethan Allen Interiors, Harris, Intelsat, LDK Solar, Liz Claiborne, Macy's, Maidenform, NetEase.com, Nortech Systems, Progressive, Rick's Cabaret International, Sara Lee, Stallion Oilfield Services, Toll Brothers, Tower Semiconductor

Economic Data
7:00 a.m. MBA Purchase Applications
8:30 a.m. International Trade
10:30 a.m. EIA Petroleum Status Report
1:00 p.m. 10-Yr. Note Auction
2:00 p.m. Treasury Budget
2:15 p.m. FOMC Meeting Announcement