Dow snaps winning streak, Europe markets down
Over the weekend, Spain received approval for 100 billion euros in loans from the European Union for its ailing banks.  Asian markets gained Monday buoyed by relief over the weekend news as well as numbers from China that exceeded expectations.  Overnight though, European markets dropped and in the United States, skepticism over Madrid’s weekend agreement snapped a four-day winning streak, pushing the Down Jones Industrial Average and Standard & Poor’s 500-stock index down.  This followed a morning rise and literally showed how optimism faded. Also on Monday, the Federal Reserve released a study that showed the financial crisis in the US has left the American family in 2010 with no more wealth than in the early 1990’s, erasing almost two decades of accumulated wealth.

Read more about the markets on the Wall Street Journal  and about the Federal Reserve announcement on the New York Times.