It's uglier in Europe
- The S&P 500 -97 points to 3240 (down 2.8%)
- Nasdaq -347 to 9232 (down 3.6%)
- DJIA -865 (-3.0%)
The S&P 500 fell below the 50-day moving average for the first time since October.
The Italian MIB is down nearly 6% as it wipes out the gains for the year.
