The initial excitement about the Spanish bailout didn't last long. The Dow Jones Industrial Average closed at 12,411.23 down 142.97 points or 1.14 percent.

The S&P and NASDAQ were down as well.

Many European markets ended the day lower and perhaps most ominously Spain's ability to borrow money did not get any easier after the bailout.

For now this latest European move seems to be eliciting the same unsettling reaction as past bailouts: leaders announce a rescue and risk of contagion just gets worse.

Now it's not just Spain but looking increasingly likely that Italy may also need some help.

GAS PRICES CONTINUE SLIDE DOWN

As oil prices drop amid fears of global growth, gas prices are down too.

The average price of a gallon of regular gas is $3.57, down 4 cents from a week ago, according to the Department of Energy. This price is also down 14 cents from a year ago.