The Dow Jones Industrial Average fell 60 points this morning as global markets monitored a sudden decline in emerging market currencies. The Argentine peso slumped to a new record low against the U.S. dollar on Thursday. The Argentine government is asking for the International Monetary Fund to expedite a $50 billion lifeline that was negotiated earlier this year.
It was the largest one-day decline since Argentina allowed its currency to float in 2015. A 7% slump in the peso yesterday extended pressure on currencies of other emerging markets like Turkey. However, investors shouldn't panic over Turkey's decline...
Here are the numbers from Wednesday for the Dow, S&P 500, and Nasdaq:
Now here's a closer look at today's Money Morning insight, the most important market events, and stocks to watch.
"Federal Rent Checks": Thanks to an obscure law, over 100 government agencies are required to pay rent. By following a simple investment strategy, you could receive checks of up to $1,795 every month. Read more...
We are deep into earnings season. And if you're looking to make real money, the time to get started is now. Money Morning Quantitative Specialist Chris Johnson argues that the markets are at a tipping point. And with just a few smart plays in today's classic stock picker's market... you can pull in triple-digit gains with just a small investment. Read those picks right here.
[pa_button slug="before-the-bell-preview"]Morning Market Alert[/pa_button]
Follow Money Morning on Facebook, Twitter, and LinkedIn.
[mmpazkzone name="end-story-hostage" network="9794" site="307044" id="138536" type="4"]