By The Associated Press
Europe's latest efforts to quell its financial crisis left investors exasperated, causing steep losses in stock markets on both sides of the Atlantic.
Spain formally asked for help to rescue the country's ailing banks. But its request left many questions unanswered, including how much it needs of the $125 billion loan package offered by other European governments. The uncertainty unsettled markets, pushing borrowing costs higher for Spain's government. Spain's stock market plunged 3.7 percent.
The Dow Jones industrial average fell 138.12 points, or 1.1 percent, to close at 12,502.66.
The Standard & Poor's 500 index fell 21.30 points, or 1.6 percent, to 1,313.72.
The Nasdaq composite fell 56.26 points, or 1.9 percent, to 2,836.16.
For the year so far:
The Dow is up 285.10 points, or 2.3 percent.
The S&P 500 is up 56.12 points, or 4.5 percent.
The Nasdaq is up 231.01 points, or 8.9 percent.
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