The turmoil in the Eurozone has made no signs of stabilization after formation of a new government in Greece. In fact, the market focus has recently turned to Spain, Italy and even Cyprus, indicating the contagious impact of the sovereign debt crisis in the region. Investors have obviously lost hopes that any game-changing outcome will be announced after the EU summit later this week, sending financial markets lower. Wall Street declined with the DJIA and the S&P 500 Indices losing -1.09% and -1.60% respectively. In the commodity sector, the bounce in oil prices proved to be short-lived as Tropical Storm Debby weakened and moved away from key producing areas in the Gulf of Mexico.
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Spain and Cyprus Situations Deteriorate amid Contagion of Eurozone Crisis
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