The mounting concerns about overnight interbank rates and the commercial-paper market have led many investors to argue that the Fed should cut rates to restore calm.

ECONOMIST: The crisis in the debt markets

Spain is under mounting pressure with bond yields well over 7% on 10-year paper and if it needs a bailout, Italy may not be far behind.

FORBES: Apple Loss Lands Nasdaq And S&P In The Red, Dow Up On Caterpillar, Boeing.