It's all about Euro

U.S., Asia Stocks Plunge as Debt Concern Spurs Electronic Rout - Bloomberg.com: "“It’s all about Europe,” said Tom Wirth, senior investment officer for Chemung Canal Trust Co., which manages $1.6 billion in Elmira, New York. “There’s a perception that what’s going on in Europe will be dragging the region back into a recession. The question is how much of that is going to be contagious to the rest of the world.”"