NEW YORK (June 25, 2012)--Europe's latest efforts to deal with its financial crisis left investors exasperated Monday, causing steep losses in stock markets on both sides of the Atlantic.

The Dow Jones industrial average dropped 138 points to close at 12,503, a loss of 1.1 percent.

The Standard & Poor's 500 index fell 21 points, or 1.6 percent, to close at 1,314.

The Nasdaq lost 56 points, 1.9 percent, to close at 2,836.

In Europe, Spain formally asked for help to rescue the country's ailing banks, but the request left many questions unanswered, including how much it needs of the $125 billion loan package offered by other European governments.

The uncertainty left markets unsettled.

More than three stocks fell for every one that rose on the New York Stock Exchange where volume was below average at 3.3 billion.