NEW YORK (AP) -- The stock market fell Monday after a jump in Italy's borrowing costs reminded investors of how much work remains to be done to contain Europe's debt problems.

The Dow Jones industrial average lost nearly 75 points. Bank stocks fell the most. European markets also fell and the euro weakened against the dollar.

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Major indexes closed higher last week as Greece and Italy moved to form new governments and took other decisive steps to get their debt troubles under control. However worrisome signs re-emerged Monday.

The Italian government had to pay 6.29 percent at an auction of five-year bonds, the highest rate since since 1997. Italy paid a much lower rate of 5.32 percent at a similar auction last month. That's a sign investors are still concerned about Italy's ability to repay its debts. Stocks tanked last Wednesday after key Italian borrowing rates jumped above 7 percent, a level widely seen as unsustainable.

Also Italy's biggest bank, Unicredit, reported a $14.4 billion loss.

"The problems these countries are dealing with go well beyond their prime ministers," said Dan Greenhaus, chief global strategist at the brokerage BTIG. "Italy didn't get where it is in five minutes. And it's not going to get out of where it is in five minutes. This is going to take months."

The Dow fell 74.70 points, or 0.6 percent, to close at 12,078.98. Bank of America Corp. fell 2.6 percent and JPMorgan Chase & Co. fell 2.2 percent, the largest drops among the 30 large companies in the Dow.

The Standard & Poor's 500 index fell 12.06 points, or 1 percent, to 1,251.79. The Nasdaq composite index fell 21.53, or 0.8 percent, to 2,657.22.

Three stocks fell for every one that rose on the New York Stock Exchange. Volume was very light at 3 billion shares.