Stocks Tumble on Italy Fears

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.