Growing fears about Italy's debt problems hammered stocks in the United States and around the world on Wednesday.
Stocks were hit hard from the open after Italian bond yields spiked above 7%, raising concern that Italy may be headed toward needing a bailout. European officials reportedly said later in the day that a rescue was out of the question, adding to the selling pressure.
The Dow Jones industrial average sank 389 points while the S&P 500 fell 3.9%, and the Nasdaq dropped 3.6%.
The day's selloff puts the S&P 500 and Nasdaq back in negative territory for the year, while the Dow is up just 1.7% in 2011.
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