Rally Fizzles as Traders Eye Europe
Originally published on Fox Business
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The markets shed early gains after enthusiasm over Europe's rescue of the Spanish banking sector dwindled with the details remaining murky and borrowing costs once again beginning to rise.
As of 11:00 a.m. ET, the Dow Jones Industrial Average fell 45.6 points, or 0.36%, to 12509, the S&P 500 dipped 4.3 points, or 0.33%, to 1321 and the Nasdaq Composite slipped 11.7 point, or 0.41%, to 2847.
Spain said over the weekend that it plans on seeking up to $125 billion in aid from the 17-member eurozone to support its banks. There have been concerns for weeks that banks there that are laden with under-performing European sovereign debt and poorly-performing real estate loans could fail and potentially dramatically worsen that debt crisis.
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