After a steady rally pushed the stock market up more than 2% yesterday, investors are nervous about extending those gains today. Concerns from Europe are back on the table as Spain may apparently need to tap into a credit facility to avoid turmoil. The Financial Times called the country “the next potential crisis in the eurozone bond markets.” “This week the Spanish government and BBVA, Spain’s second biggest bank, admitted what investors have known for weeks: the country’s banks are on the brink of a funding crisis because their access to international markets is virtually closed,” the UK newspaper reported. Economists at BMO noted that “Spanish 10-year yields are at a near two-year high, while the spread vs. German bunds is flirting with a record...(read more)

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