Spain was given an extra year to meet a 3 percent budget deficit target. In addition, euro zone finance ministers agreed that its banking sector will be able to access up to 30 billion euros ($36.9 billion) in funding by the end of the month, while the final figure of the bailout , which could yet push the 100 billion euro limit agreed, should be known on or around July 20.

Germany's top court will consider whether Europe's new bailout scheme and budget rules are compatible with national law . German Finance Minister Wolfgang Schaeuble told the court that a big delay could fuel further turbulence in the markets and a loss of confidence in the EU's ability to make decisions.

“We’re waiting for earnings at this point,” said John Fox, co-manager of the FAM Value Fund. “We’ve seen a lot of pre-announcements and profit growth is definitely slowing…it’s a new trend, but it’s not as worrisome.”

Alcoa declined even after the aluminum producer's quarterly revenue and profit edged past Wall Street expectations . Still, aluminum prices have been trading near two-year lows.The company also expects growing demand in the aerospace and auto sectors. Meanwhile, at least two brokerages cut their price target on the Dow component.