Stocks slump as rising Italian yields cast doubt on Europe rescue

"Markets no longer are focusing on Greece, which everyone knows is broke. When European leaders on Thursday announced their new plan to end the debt nightmare, a key to the strategy was halting the "contagion" before it engulfed Italy, the world's third-largest bond market.If global investors begin to think that Italy can't repay its debts, the crisis could become a cataclysm."