NEW YORK — Stocks have posted their steepest drop in a month on concerns that tighter lending rules in China could endanger an economic recovery.
Disappointing earnings from IBM and Morgan Stanley are adding to the market's angst Wednesday.
Meanwhile a spike in the dollar is pushing commodity prices sharply lower. That hurt stocks of energy companies and materials producers.
According to preliminary calculations, the Dow Jones industrial average is down 122 at 10,603, its worst drop since Dec. 17. The Standard & Poor's 500 index is down 12 at 1,138. The Nasdaq composite index is down 29 at 2,291.
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Three stocks fell for every one that rose on the New York Stock Exchange. Volume rose to 1.1 billion shares compared with 1 billion Tuesday.