In addition to Spain, investors remain focused on Greece's election next month, which could determine whether the Mediterranean nation stays in the euro zone.

WSJ: May Again Bites Stock Investors

The EU's Mediterranean initiative was launched in 1995 with the goal of establishing a free trade zone in 2010.

CNN: Arafat, Peres meet in Brussels

In Europe, euro-zone finance officials and Greek political leaders agreed on a new bailout and debt restructuring for the Mediterranean country.

WSJ: Dow Touches 13000 but Can't Hold On