News Summary: Trouble at Spanish bank hits stocks

AP News
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Posted: May 25, 2012 4:48 PM
News Summary: Trouble at Spanish bank hits stocks

A LATE SWOON: News late Friday afternoon that Bankia, a crippled bank in Spain, is asking for $24 billion in support from the Spanish government stirred up new worries that Europe's debt contagion was spreading. The Dow Jones industrial average ended down 75 at 12,455.

AN UP WEEK: Despite the late swoon, the Dow and S&P 500 both had their first weekly gains in May. The increasing likelihood that Greece would exit the euro has pushed markets sharply lower this month.

FACEBOOK FALTERS: Not much has gone well with Facebook's IPO. A week after it went public at $38 a share, the company's stock lost another 3.4 percent to end at $31.91 Friday.