The macro events surrounding the European Union's (EU) sovereign debt with increased worries about Italy and Spain and the U.S. debt ceiling talks — including downgrade warnings from the rating agencies if an agreement wasn't reached soon — dominated this week's headlines.

Also adding to the mixwas Federal Reserve Chairman Ben Bernanke's semi annual Monetary Policy Report to Congress that happened midweek as well as the release on Friday of the European bank stress tests.

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