Market Recap: Spanish Recession Brings Markets Down

Markets closed down today:

▼ Dow: -0.11 percent

▼ Nasdaq: -0.74 percent

▼ S&P: -0.39 percent

Precious metals:

▲ Gold: up +0.31 percent to $1,664.40 an ounce

▼ Silver: up -0.86 percent to settle at $31.03 an ounce

Commodities:

▲ Oil: +0.15 percent

Markets closed down because:

Renewed worries about the fragility of Europe's finances are helping to drive stocks lower.

The Spanish government said Monday that its economy shrank in the first three months of 2011, putting one of the largest economies in Europe into a recession.

In the U.S., a drop in Midwestern manufacturing and a slowdown in consumer spending added to concerns that the economy is losing steam.

The Standard & Poor's 500 index fell five points to 1,398. The benchmark lost 0.8 percent in April, its first monthly drop since November.

The Dow Jones industrial average slipped 15 points to close at 13,214. The Nasdaq composite fell 23 points to 3,046.

Three stocks fell for every two that rose on the New York Stock Exchange. Trading volume was light at 3.4 billion.

The Associated Press contributed this report.