THE MAGIC IS GONE: The month of May has undone nearly three-quarters of the Dow Jones industrial average's first-quarter gains. May also marked the Dow's first losing month since September.
PLAINLY, SPAIN: Spain replaced Greece as the European worry of the moment. Investors think Spain, which announced last week that it will have to spend nearly $24 billion to bail out one of its troubled banks, could need a bailout for itself.
THE U.S. WOBBLES: The government released a pair of disappointing data points about the U.S. economy: The number of people applying for unemployment benefits rose to a five-week high, and economic growth from January through March was slower than first thought.