Fears Of Italian Debt Problems Send Markets Tumbling

Fears that Italy may face debt problems sent the markets tumbling to a sharply lower close with the Dow plunging 115 points to 11,934. Nasdaq dropped 33 points to 2652.

On the upside

Tibco Software (Nasdaq: TIBX) reported sharply higher second quarter earnings that topped analyst expectations as revenue climbed.

British magazine Profit & Loss named Citi's (NYSE: C) CitiFX Pro the Best Retail FX Platform.

On the downside

Micron Technology's (Nasdaq: MU) earnings miss weighed down shares of SanDisk (Nasdaq: SNDK) .

United Continental (NYSE: UAL) reported slower revenue growth in June.

Concerns about Italy's debt problems renewed fears of a Greek default to send shares of National Bank of Greece (NYSE: NBG) lower.

The International Energy Agency's decision yesterday to release 60 million barrels of oil continued to weigh down refiners Holly (NYSE: HOC), Frontier Oil (NYSE: FTO), Tesoro (NYSE: TSO) and Western Refining (NYSE: WNR).

In the broad market, declining issues outpaced advancers by a margin of more than 5 to 3 on the NYSE and by more than 7 to 5 on Nasdaq. The Russell 2000 which tracks small cap stocks lost 4 points to 797.