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U.S. markets did little after a day of dismal data, and both Spanish equities and the euro surged.Dow: 12,101; -17 pts; -0.14%
NASDAQ: 2,760; +13 pts; +0.46%
S&P 500: 1,278; +0 pts; +0.01%

Here are the day’s top headlines:

  • European markets closed mixed. The Spanish IBEX 35 shot up 2.9 per cent, but the DAX and FTSE 100 fell 1.2 per cent and 1.1 per cent, respectively. The euro briefly crossed $1.25 to the upside. rumours circulated about some EU leaders considering a “master plan” to fix the crisis, but they were subsequently denied by the European Commission.
  • Manufacturing data for New York collapsed to a 6-month low, as the ISM index fell from 61.2 in April to 49.9 in May. That indicates a slight contraction in manufacturing activity. The Complete Story Of How The US Economy Grew, Then Tanked, And Then Recovered Again >
  • April factory orders fell 0.6 per cent in April, badly missing expectations for 0.2 per cent growth. Without transportation, orders tanked 1.1 per cent.
  • Reuters reported that three Portuguese banks will seek funding provided to the country as part of its €78 billion ($96 billion) bailout package in order to meet new capital requirements. CHECKLIST: All The Disastrous Consequences Of A Greek Exit >
  • Chesapeake Energy announced that four of its board members would resign but that CEO Aubrey McClendon will remain in his post. Shares of $CHK rallied 6 per cent. PRESENTING: The Fabulous Life Of Chesapeake Energy CEO Aubrey McClendon >
  • Canadian Finance Minister Jim Flaherty told reporters that finance ministers and central bankers from Group of Seven nations will hold an emergency conference call tomorrow to discuss the European crisis. According to a source cited by Reuters, concerns about a run on Spanish bank will be top priority. 14 Reasons Spain Is Turning Into A Disaster >
  • Groupon shares fell more than 7.4 per cent to less than $9 per share, the price at which Google offered to buy the company back in late 2010.
  • BONUS: Former Hedge Funder Presents A Terrifying Vision Of THE END GAME >

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