BREAKING NEWS: Wall Street Thrashed by Cascading Debt Fears; Dow Sinks 249

Wall Street was pummeled on Monday, while recovering from the lows of the session, as sovereign-debt anxiety cascaded through global financial markets and sent traders scurrying into safe havens. The Dow shed 249 points, or 2.1%, while the broader S&P 500 slid 22.7 points, or 1.9%.

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