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.