Photo: Chang Jung Lee

Despite a mostly negative European close, markets in the U.S. rally is trying to gain steam and the Dow is up 0.2 per cent.European markets mostly fell today, despite a massive rally in Spain. The DAX fell 0.2 per cent and the CAC 40 closed off nearly 0.7 per cent.

The Spanish IBEX 35, however, closed up a whopping 1.77 per cent. That’s probably based on reports that EU leaders are nearing a deal on a Spanish bank bailout.

Markets also appeared to shake off statements by US President Barack Obama emphasising the connections between the U.S. and Europe and highlighting the seriousness of the European crisis.

Your 70-Second Guide To The Spanish Bank Bailout >

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