News Summary: Spain sounds alarm, market is calm

AP News
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Posted: Jun 05, 2012 4:28 PM
News Summary: Spain sounds alarm, market is calm

ALL QUIET ON THE WESTERN FRONT: Wall Street was quiet, with the Dow Jones industrial average staying within a range of 75 points. In the past year, it has moved an average of almost 180 points a day, though that was pushed higher by volatility after the U.S. credit downgrade in August.

SPAIN RAISES A WARNING: The calm in U.S. stocks came despite red flags being raised by Spain. The country, struggling under its own debt and a burdened banking sector, said it might have difficulty borrowing money and urged other European countries "to support those that are in difficulty."

ON THE CALL: Leaders from the world's seven wealthiest countries held an emergency conference call to discuss Europe's debt crisis. No concrete plans were released.