The Clash - Spanish Bombs
Wall Street falls as Spain bailout feared
Stocks broke a three-day winning streak on Friday as Europe’s debt crisis engulfed markets with renewed fears that Spain may be unable to dodge a costly bailout.
The news that the heavily indebted region of Valencia asked Madrid for financial aid interrupted a period of relative calm for Wall Street and raised the specter that the euro zone’s fourth-largest economy may itself need to be rescued.
Bank shares, sensitive to signs of trouble in Europe, were among the biggest losers. The KBW bank index (.BKX) fell 1.9 percent, taking its weekly decline to 2.3 percent. Shares in Morgan Stanley fell 3.5 percent to $12.78.
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