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Europe Markets Close Just Off Day's Lows

European markets close just off the lows for the day. Spain down 7 percent, Italy and Portugal and France down 4 percent, Germany down 3.5 percent.

Europe weak all morning as the euro easily broke through $1.25, now at $1.238.

U.S. markets also just off lows for the day; if history is any guide, we should stabilize now that Europe is closed.

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