BREAKING NEWS: Wall Street Pummeled as Debt Crisis Engulfs Italy; Dow Plummets 389

The markets plummeted on Wednesday as Europe's debt crisis escalated to a new, more dangerous phase, taking Italy, one of the euro zone's biggest economies, as its latest victim. The Dow tumbled 389 points, or 3.2%, while the broader market averages sustained heavier losses on a percent basis.

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