Stocks tumble at the open a day after Argentina defaults
Stocks tumbled at the open Thursday as bond yields spiked and global markets took a tumble a day after Argentina defaulted on its debt.
A breakdown in talks between Argentina and U.S. creditors late Wednesday sent the country plunging into its second default in 13 years.
At the open, the Dow Jones industrial average was down more than 100 points and the Standard & Poor’s 500 index dropped 0.8%.
The Nasdaq composite index fell 0.9%.
The yield on the 10-year Treasury note rose to 2.59% from 2.56% Wednesday.
Adding to investors worries: The economic effects of harsher U.S. and European sanctions against Russia and continued conflict in the Mideast.
European markets fell sharply as Germany’s DAX index was down 1.2% and France’s CAC 40 dropped 1%. Britain’s FTSE index was down 0.3%.
Asian stock markets also drifted lower as Japan’s Nikkei index fell 0.2% to 15,620.77.
Stocks on Wall Street closed mixed Wednesday as the Dow fell 0.2% to 16,881 and the Standard & Poor’s 500 index was flat at 1970. The Nasdaq rose 0.5% to 4463.
Source: Usatoday
