Wall Street falls nearly 300 points as Italian contagion continues.

(From Guardian Unlimited)

The market rout is continuing, with Wall Street falling more than 2% in early trading.

Despite Greece's debt problem remaining unresolved, the main focus now is on Italy, with its bond yields soaring above 7% and putting it in danger of needing a bailout. Spanish bond yields are also rising, despite market talk that the European Central Bank is buying both Italian and Spanish bonds. This is uncharted territory for the Eurozone, and the problem is there seems no clear plan by any of the parties involved which would reassure investors that chaos can be avoided.

So in early trading the Dow Jones Industrial Average slumped nearly 300 …