MIDDAY LUNCH

Dow 10544.36  -181.22, Nasdaq 2278.66  -41.77, S&P 1132.56  -17.67 

Trading today has been decidedly negative since the opening bell; bears have handed losses to more than 90% of the companies in the S&P 500. 

Today’s decline can be linked to news that China has instructed some of its banks to curb lending in order to meet capital requirements and prevent the country's economy from overheating. That news weighed on Asian markets and European bourses, since it could slow the global recovery.

The Dollar Index is up +1.1% in its best single-session move since a +1.7% surge in early December. The latest move comes on top of the greenback's +0.6% gain in the previous session.

The strength in the Dollar has hurt basic materials stocks, which have also been hampered by broader market weakness. The combined pressures have caused steel stocks to surrender -3.7% and gold stocks to drop -6.2%. Diversified metals and miners, are down -3.5%, collectively. The broader materials sector is down -2.5%, worse than any other major sector in the S&P 500.

Selling pressure is also intense among energy issues. Their slide comes on the fear that the global recovery could stall and softer oil prices, which are down -1.7% to $77.70 per barrel, these factors have conspired to take the sector to a -1.8% loss. Halliburton (HAL)  33.14 -1.48, -4.25%,  National Oilwell (NOV) 45.52 -1.56, -3.32%