Stocks sold off sharply after Italy's 10-year bond yield spiked above 7%, the highest since the euro was launched in 1999. The 7% figure is a psychological trigger for investors since it was the level that heightened worries about Greece, Ireland and Portugal. The selling intensified in the afternoon amid reports that European Union officials said they have no plans to rescue Italy. Tech stocks were hit hard by a broad market sell-off, as Adobe Systems and Computer Sciences led the decline after weaker-than-expected earnings and disappointing corporate news. Microsoft and AOL also saw their stocks in retreat, a day after announcing a new online advertising partnership with Yahoo in a bid to challenge Google’s dominant market position. After the close Cisco rose 2.8% on upbeat earnings. Implied volatility surged above the 30 level on massive volumes. Any reading above 30 signals investor worry.NEAREST RESISTANCE LEVELS: 57.0, 57.8, 59.1, 59.3
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