News Summary: Stocks slide, ending a dismal month

AP News
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Posted: May 31, 2012 4:54 PM
News Summary: Stocks slide, ending a dismal month

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.