1:30 pm : The S&P 500 continues its downward drift. That has put the broad-market index within just a couple of points of its session low. Still, the market's overall losses remain rather moderate.

Shares of Boeing (BA 55.84, -0.21) have pulled back along with the broader market and seen a slight pickup in trading volume, despite what looks like a successful start to the first flight for its highly anticipated Dreamliner. CNBC has been covering the event. DJ30 -40.58 NASDAQ -1.65 SP500 -4.50 NASDAQ Adv/Vol/Dec 1286/1.12 bln/1342 NYSE Adv/Vol/Dec 1292/585 mln/1670

1:00 pm : The broader market has had to grapple with selling pressure this entire session as weakness among bank stocks, a rebound by the dollar, and some rather disappointing data weigh on trade.

Wells Fargo (WFC 25.73, +0.24) became the latest bank to announce that it plans to repay its TARP funds. The company will issue $10.4 billion in common stock to help make that repayment possible. Though the offering has priced shares at $25 each, a near 2% discount to the previous session's closing price, and will prove dilutive to existing shareholders, the stock has traded with strength this session.

The rest of the regional banking bunch hasn't fared so well; they are down 3.6%. That drop has dragged the financial sector to a 1.4% loss, which has weighed heavily on the broader market.