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DG365FD46564GFH654FU898 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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