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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 percent, but the DAX and FTSE 100 fell 1.2 percent and 1.1 percent, respectively. The euro briefly crossed $1.25 to the upside. Rumors 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. 


  • April factory orders fell 0.6 percent in April, badly missing expectations for 0.2 percent growth. Without transportation, orders tanked 1.1 percent.


  • 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. 


  • 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 percent. 


  • 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. 


  • Groupon shares fell more than 7.4 percent to less than $9 per share, the price at which Google offered to buy the company back in late 2010.