The U.S. stock market was crushed on Wednesday as soaring Italian bond yields spooked investors across the world. The intensifying crisis in Europe helped to propel the Dow Jones Industrial Average 389 points lower to 11,7881. The widely watched blue-chip index traded in a range between 11,736 and 12,170. The SPDR S&P 500 ETF (NYSE:

) plunged 3.69% to $123.16. Volume was a little heavier than normal with around 321.3 million SPY shares trading hands compared to a 3-month daily average of 308.5 million. The PowerShares QQQ Trust ETF (NASDAQ:

), which tracks the performance of the Nasdaq 100, fell 3.52% to $56.81. The QQQ is up 4.32% in 2011 as of Wednesday's close. Crude oil was extremely volatile on the session and NYMEX futures lost 0.85% to $95.98 after trading as high as $97.84. ICE Brent crude futures lost 2.49% to $112.14. The United States Oil Fund ETF (NYSE:

) fell 1.15% to $37.00. Gold fell along with stocks on the day. COMEX gold futures shed 1.36% to $1,774.80. The SPDR Gold Trust ETF (NYSE:

) lost 0.84% to close at $172.07. COMEX silver futures plunged 2.97% to $34.11. Treasuries rose sharply as traders moved into U.S. debt on fears of a worsening crisis in Europe. The iShares Barclays 20+ Year Treasury Bond ETF (NYSE:

) added 2.09% to $118.14. The yield on the 10-Year Note fell 11.1 basis points to 1.97%. The U.S. Dollar moved sharply higher on Wednesday, as the euro cratered. The PowerShares DB US Dollar Index Bullish ETF (NYSE:

), which tracks the performance of the greenback versus a basket of foreign currencies, surged 1.76% to $21.97. The closely watched EUR/USD pair is currently trading at $1.3543.