U.S. Markets close in 5 hrs 39 mins

News Summary: German central bank: Crisis not over

The Associated Press

HOLD THE APPLAUSE: The head of Germany's central bank is warning that the government debt crisis in the euro countries "isn't over" despite the easing of financial market turmoil over the past several months.

ONWARD: Bundesbank President Jens Weidmann said that the European Union needs to move ahead with reforms to keep troubles in the banking system from dragging down government finances.

ALL TOGETHER NOW: The Bundesbank head urged faster reforms at the European level and in the financially troubled countries, saying "only governments, and not the central bank system" can solve the crisis.