According to Tim Ghriskey of Solaris Asset Management, Wall Street and European markets have experienced a heavy sell-off, mainly due to the concerns arising out of Spain and it debt problems.
Euro zone ministers agreed early on Tuesday to grant Spain an extra year until 2014 to reach its deficit reduction targets in exchange for further budget savings and set the parameters of an aid package for Madrid's ailing banks.
Spain's public debt will jump to its highest level since at least 1990 this year as the economy sinks into recession, the government said in its budget on Tuesday.