The Eurogroup, which represents eurozone finance ministers, released a statement overnight reaffirming its "strong commitment to do whatever is necessary to ensure the financial stability of the euro area." While it didn't offer many specifics, it said Spain's banks would be recapitalized through the European Financial Stability Fund (EFSF), the bloc's temporary rescue facility, until the European Stability Mechanism (ESM) comes online. It also reiterated a previous statement that neither fund will become a senior debt holder in the banks it injects capital into, helping to relieve worries about the effectiveness of the move. 

Market participants remained wary: "Overall we don't know how much money it's going to take to solve the issue," James Hughes, a senior market analyst at Alpari, said in an interview with FOX Business. "It's like a band-aid."

European industrial production data, which tracks factory activity, released on the day were mixed. The U.K. and Italy both came in ahead of expectations, but France came in weaker.