Spooked by Italy, Dow Falls 228

Dow below 12K
By Kate Seamons,  Newser Staff
Posted Nov 9, 2011 8:56 AM CST
Trader Gregory Rowe, left, rushes across the floor of the New York Stock Exchange Tuesday, Nov. 1, 2011.   (AP Photo/Richard Drew)

(Newser) – Silvio Berlusconi's promises to resign haven't done much to calm European markets—or Wall Street. The Dow opened sharply lower today on the news that Italian bond yields spiked above 7%, the level that caused Greece, Portugal, and Ireland to seek bailouts; Italy's debt, however, is too big to bail out, notes the AP. The Dow sank 228 points, bringing it below 12,000 to 11,943, reports MarketWatch. The S&P 500 and Nasdaq dropped 28 and 62 points, respectively.

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