Chinese Lending Restrictions May Hinder Economic Recovery

New lending restrictions in China may hinder the global economic recovery sending the Dow plummeting 192 points to 10,533. Nasdaq sank 44 points to 2275.

On the upside

A South Korean newspaper reported that Woori America Bank may be seeking a 51% stake in Hanmi Financial (Nasdaq: HAFC).

Briefing.com reported that The New England Journal of Medicine would be publishing an article on Cyclacel Pharmaceuticals (Nasdaq: CYCC).

Brinker International (NYSE: EAT) reversed year ago losses to post a better than expected profit for the second quarter.

On the downside

Dr. Reddy's Laboratories (NYSE: RDY) blamed charges and lower revenue for swinging to a third quarter loss.

Shares of hospital operator Universal Health Services (NYSE: UHS) dropped after a Republican victory in the Massachusetts Senate race guaranteed that health care reform will not pass.

Falling gold prices weighed down shares of Yamana Gold (NYSE: AUY).

In the broad market, declining issues outpaced advancers by a margin of more than 7 to 2 on the NYSE and by nearly 4 to 1 on Nasdaq. The Russell 2000 which tracks small cap stocks plunged 13 points to 635.

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