Stocks Tumble on Italy Fears

    NEW YORK, NY - NOVEMBER 01: Traders work on the floor of the New York Stock Exchange before the closing bell on November 1, 2011 in New York City. U.S. stocks and global markets fell sharply Tuesday following news that Greece's prime minister has called for an unexpected public vote to approve Europe's debt deal. The Dow Jones industrial average (INDU) finished 297 points lower. Leaders of France and Germany, the architects of the Greek rescue plan, have scheduled an emergency meeting after Greek Prime Minister George Papandreou called for the referendum.  (Photo by Spencer Platt/Getty Images)

    Spencer Platt / FILE / Getty Images

    Wall Street dropped 3 percent Wednesday on fears that the Europe debt crisis would spiral even more as Italy’s bond yields shot up to 7 percent—a level considered unsustainable without a bailout. All 10 S&P sectors were down, and the index dropped 4.4 percent overall. The Dow Jones industrial average was down 426 points, or 3.51 percent. Meanwhile, General Motors’ stock tumbled Wednesday after posting a lower-than-expected third-quarter profit, and offered a disappointing outlook—causing many to wonder how soon the company will be able to recover from its 2009 bankruptcy filing.

    Read it at Reuters