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There were also media reports that the European Central Bank is actively considering monetary measures to stabilize the currency bloc. In what was sign as a positive sign, the yield on Spain's 10-year bonds tumbled well below the key 7% mark and recently traded at 6.88%. 

Still, not all news on that front was positive. Reuters reported that Spanish officials for the first time discussed the prospect of a sovereign bailout in the order of $366 billion. The separate report from the wire service also said the ECB is considering taking significant losses on Greek debt in a move to help cut the country's debt level. Private debtholders have already had to take writedowns, but the ECB and national central banks have been reluctant to make such a move.

Traders are also shifting their focus to the U.S. economy. The first reading of gross domestic product from the Commerce Department showed the U.S. economy expanded at an annualized pace of 1.5% in the second quarter, in line with expectations and down from an upwardly revised 2% in the first quarter.

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