FOX Business: The Power to Prosper

The markets started off the week with a broad selloff as traders watched the debt crisis in Europe deteriorate and wearily prepared themselves for yet another critical European Union summit.

Today's Markets

The Dow Jones Industrial Average slumped 138 points, or 1.1%, to 12503, the S&P 500 dipped 21.3 points, or 1.6%, to 1314 and the Nasdaq Composite fell 56.3 points, or 2%, to 2836.

Europe continues to be a major focus among world trading desks. Leaders there have crafted a patchwork of temporary solutions that briefly calm the markets before new and old problems rise back to the surface. 

Spain formally requested up to $125 billion in aid to rescue its ailing banks on the day, however, it failed to specify exactly how much it will need. The country's cost to borrow for 10 years is at 6.49% in the secondary market -- too high to sustain for long, but less then the 7.3% where it peaked last week.