U.S. markets extended their losses Wednesday afternoon as escalating sovereign
debt worries in Italy and Greece put significant pressure on equities and
cyclical commodities. The Dow Jones Industrial Average (DJIA) tumbled as much as
408.69 points, or 3.4%, to 11,761.49 as of 2:15pm ET marking its worst day
since a 3.5% plunge on September 22. Risk aversion turned sharply higher, with
the CBOE Volatility Index (VIX) surging 31.0% to 35.99. The gold sector held up
particularly well this morning despite broad-based weakness in stocks and
commodities, but succumbed to the selling pressure this afternoon, albeit
modestly.
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