Friday's midday trade: dollar rebound drags on financials, commodities

US stocks fell about 1 percent on Friday as a strengthening in the dollar due to global uncertainty caused a drop in commodity-related and financial shares. The euro fell against the dollar as investors refocused on eurozone debt before meetings by finance officials in Brussels and as the Federal Reserve moved closer to ending a stimulus program.
Financials were among the hardest hit on the fears the eurozone debt crisis could worsen. The KBW Bank index dropped 1.7 percent, weighed down by 2 percent drop in J.P. Morgan Chase & Co to $43.06. The CBOE Volatility Index, used as an indicator of investor fear, surged 8 percent.
The Dow Jones industrial average dropped 121.48 points, or 0.96 percent, to 12,574.44. The Standard & Poor's 500 Index dropped 11.89 points, or 0.88 percent, to 1,336.76. The Nasdaq Composite Index dropped 29.38 points, or 1.03 percent, to 2,833.66.