MIDDAY LUNCH

Dow 10055.61  -3.03, Nasdaq 2149.31  -1.56, S&P 1069.92  -0.60 

A stronger dollar's amid ongoing speculation about loan guarantees for Greece and a hint at a rate hike from Fed Chairman Bernanke led stocks lower in early this morning, but the market has since recovered as support for the dollar has faded.

Natural resource sector was getting hit hardest, materials and energy stocks were down roughly -2% at their low.  The dollar has since pulled back and now trades with a +0.3% gain. That has helped materials stocks -0.4% and energy stocks -0.4% slash their losses and lift the broader market to trade just below the neutral line.

Financials are the only sector to post gains. They are currently up +1.0%, thanks to leadership from diversified financials. Bank of America (BAC) 14.83 +0.36, +2.49%, MasterCard (MA)  227.34 +3.89, +1.74%.

Baidu.com (BIDU) 475.89 +40.88, +9.40% is leading the NASQD after reporting better than expected earnings.

Marc Faber on CNBC today said that he believes that a global correction is underway.  The editor of the Gloom, Boom & Doom Report said that the global debt to GDP ratios, unfunded liabilities combined with governments printing money to prop up their economies could lead to “all governments to default on their debt, including the U.S.A.” He also said the he believes that developing counties are in a better position than developed countries.