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(CNN Money) –Investors return from a long holiday weekend having bid adieu to the Dow’s worst May since 1940. But the issues that caused the collapse haven’t gone anywhere. On Friday, ratings agency Fitch downgraded Spain’s debt to a lower investment grade. The nation’s debt remanins well above junk status, and the move surprised few market watchers, but it pummeled stocks nonetheless, reminding investors that Europe’s debt crisis is far from over.

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