FUN WHILE IT LASTED: May 1, 2012, the Dow Jones industrial average hit its highest point in four years. It was ahead by 8.7 percent for the year that day. Now, it's up by 1.2 percent after Friday's decline.
WHAT HAPPENED? Europe happened. Fitch dropped Greece to the lowest possible rating for a country not in default. Moody's downgraded 16 Spanish banks.
WHAT'S NEXT: The G-8 leaders are meeting at Camp David over the weekend. Investors will be eager for signs of a plan to manage a potential Greek exit from the euro and generally contain any fallout from Greece's debt crisis.