NEW YORK (Worthy News)– Financial markets went into a tailspin Thursday after Argentina defaulted on its debt, raising fears among skittish investors already fretting about weak corporate earnings growth, rising interest rates and an aging bull market, the USA Today reported.
Argentina's blue chip Merval Index was among the biggest losers, sinking 8.4% — the equivalent of a 1,400-point drop in the Dow Jones Industrial Average.
The Dow sank 317.06 points to 16,563.30, erasing 2014's gains. The 1.9% drop was the blue chip barometer's third-biggest daily drop of the year and the worst since a 267-point loss on April 10. Selling intensified as selling momentum picked up in afternoon trading. — Source