U.S. stocks fell hard Wednesday and crude oil dropped more than 2 percent on news China does not plan another massive stimulus plan and word that Italy's and Spain's borrowing costs have risen to crisis levels.

The S&P 500 was down 1.4 percent in midday trading and the tech-heavy Nasdaq Composite fell 1.47 percent. Crude oil trading in New York dropped 2.5 percent to $88.48 per barrel. European stock indexes were down even more.