"The Spanish deal is another Band-Aid"
- Matt McCormick, a fund manager at Bahl & Gaynor Inc.
U.S. stocks closed in red on Monday.
The Standard & Poor's 500 dropped 1.26%, or 16.73 points, to 1,308.93. The Dow Jones Industrial Average declined by 1.14%, or 142.97% points, to 12,411.23. The Nasdaq Composite lost 1.70%, or 48.69 points, to 2,809.73.
"The Spanish deal is another Band-Aid," said Matt McCormick, a fund manager at Bahl & Gaynor Inc.
"Any pop that you get probably won't be sustainable. Many investors are viewing this with skepticism. The problem is not going to be fixed by this amount. It's not a solution, and people know the difference. Expect more volatility not less."
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