There were a number of economic reports in Europe on Tuesday and they were quite negative.
Italy's economy shrank 0.7 percent in the second quarter, its fourth consecutive quarterly contraction.
German factory orders fell 1.7 percent in June, more than twice as much as economists expected.
UK industrial production fell 2.5 percent in June while retail sales growth slowed in July.
Greece's credit rating outlook has been revised to negative by Standard & Poor's. Greece is currently rated CCC by S&P, far below investment grade.
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