What started off as a monumental rally for Spanish stocks earlier this morning has turned into major disappointment now that its equity market has closed. After trading up as much as 6.2% in early trading, Spain's benchmark IBEX 35 index actually finished down on the day! While there is no way to sugarcoat today's decline, it was somewhat surprising to see that the index has actually had 27 prior days where the index closed more than 5% off of its intraday high, and in 15 of those days the index was up more than 1% intraday before reversing. In fact, three of them came over a 7-day period in August of last year.
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