almost 3% of market s valleys. the standard & poor s index down more. nearly 4%. alison kosik live with the latest. what s driving this? reporter: we saw the sell-off pick up steam on wall street after a report a eurozone official said they have no plans to givotly a financial rescue package, financial assistance may not be in the cards for italy. the thinking, it will could be too big to bail out. the fact it s solvent but drowns in $2.5 trillion in debt. its economy more than twice as big as greece, portugal and ireland when you put them altogether. a bail xwout could cost clearly much more than it did for greece. the fear italy could default is playing out obviously in the equity market, in stocks and italy s bond markets. the ten-year yield spiked 7%. no one wants to touch italy s debt because it s a big question whether italy can even pay its bills. john? for someone watching here in the states you have a global domino effect going on. what will it take to stop the f
and emotional verdict tonight. an italian night sets amanda knox free. here s the scene inside the courtroom. translator: on behalf of the italian people, after having examined section 6 and 5 of the criminal procedure code as the verdict was read, knox broke down, hugged her attorneys, then was rushed from the courthouse. she and her one-time boyfriend have been in jail since 2007 when they were arrested for the brutal murder of knox s british roommate. they were convicted of murder two years ago. both appealed. today both won. shortly after the verdicts, knox sister faced the cameras outside the courthouse. we re thankful that amanda s nightmare is over. she s suffered for four years for a crime that she did not commit. cnn s senior international correspondent matthew chance is outside the courthouse in perugia now. you were in the courthouse when the verdict was read. describe the moment when knox and her family realized she would be set free. reporter: it was
reporter: it s really difficult to be inside that auditorium watching these kids trying to do something that s so normal closing the end of the school year because they don t really have anything to look forward to. they aren t going to start the school year on time. they don t know where they ll go to school, in fact, they don t have houses to live in. a lot of those children are living in that same auditorium. sleeping on blankets. they don t have anywhere to go. some of those children have lost parents. many of them have lost grandparents. it is much easier to find someone who has lost a family member than to find someone who has remained intact where everyone survived so the amount of heartbreak in this one sliver of this one place in northern japan is simply heartbreaking. kyung lah for us in tokyo. fabulous reporting. tragic, but fascinating reporting. that up for your help. understanding the tragedy and recovery effort. breaking news on capitol hill tonight. vice president b
from the outside. they are optimistic they can do that. again, no one is under any illusions after more than four days now have passed to find a lot of people alive. they are pressing very hard. i just talked to a chinese rescue official there working alongside the americans and british and they are working very hard as well. chinese official told me that the people in this town only had a 20-minute warning after the earthquake occurred that the tsunami was coming. they had to get to higher ground again no telling how many of them did it at this point. brian as you ve been reporting to us we ve been showing the still photographs you filed into us. fabulous reporting. stay safe. we wish you luck. we wish those teams luck in the hours ahead. brian todd for us in northern japan. you see brian right there in the front of it. a search and rescue recovery effort and then there s search and rescue effort and then a recovery effort and the nuclear challenge facing the japanese government. a
there is a concern that as the regime blocks the phone service again as it did on friday when we had the big demonstrations, as it s going to cut the rail service, which which here in alexandria the rail, the main rail station terminates right at one of the big rally points here, if the regime is going to try and thwart them in that way, there s a concern that the regime is also trying to divide them by giving by essentially sort of having a soft option and a tough option out there. so and again, i think one of the things emerging here is there s no clear leadership of the demonstrators. who do you talk to? who convinces the demonstrators when it s time to step back? this million-man march again is going to be a another key day. i don t think anyone fools themselves and thinks it s going to be over. they know the regime s digging in, john. nic robertson, fabulous reporting. can president obama bring