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News Summary: Stocks drop as Spain seeks help

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The Associated Press | June 25, 2012 04:56 PM EST | AP


SPANISH BANKS: Spain formally asked for help to rescue its ailing banks, but the request left many questions unanswered, including how much it needs of the $125 billion loan offered by other European governments.

RIPPLES: Stock in Citigroup, JPMorgan Chase and other banks slumped. Analysts expect banks in Europe and the U.S. to sustain losses if a major Spanish bank collapses and causes Europe's financial system to freeze up.

INDEXES: The Dow Jones industrial average dropped 138 points to close at 12,502.66, a loss of 1.1 percent. The broader Standard & Poor's 500 index fell even more, 1.6 percent.