NEW YORK (AP) — Europe’s latest efforts to quell its financial crisis left investors exasperated Monday, causing steep losses in stock markets on both sides of the Atlantic.

In Europe, Spain formally asked for help to rescue the country’s ailing banks, but its request left many questions unanswered. The uncertainty unsettled markets.

The Dow Jones industrial average dropped 138 points to close at 12,502.66, a loss of 1.1 percent.

Big bank stocks slumped. Many analysts expect banks in Europe and the U.S. to suffer from a freeze-up in Europe’s financial system if Spain fails to rescue its troubled banks.