Huge Selloff Shakes Market
Markets Fall on Greek FearsInvestors were in a hurry to get rid of their positions across the market today.
The Greek default would be the largest in history. The country owes Europe and the International Monetary Fund a total of $360 billion, and it is widely expected to miss a payment of $1.7 billion. The missed payment could have big implications for the Greek economy, which is already in shambles. It's plagued by high unemployment, especially among young people. The country has also had problems with housing and tourism, further stifling the Greek economy.
US markets were down more today than at any point in 2015 to date. The worries over a Greek collapse were infectious, as markets all over the world fell. Germany led the world in real losses, dropping 3.56% on the day -- which amounted to a total of nearly 400 points. London lost 133 on the day, and Hong Kong fell by 700 points.
A Handful of GainsThere were only a few stocks that walked away unscathed today, let alone made any sort of gain. Amphenol Corp (APH) managed to rise 2% on the day, and closed at $56.84 per share. Pentair (PNC) was up a percent to $64.43. Egalet Corp (EGLT) gained 3.32% on the day. Most of today's gainers were from the Health Services sector, which was stifled but not shut down completely.
HAR), an audio corporation, lost 7.66 points and closed at $118.46. Goodyear (GT) dropped 1.75 points to close the day at $29.64. Rupert Murdoch's News Corp was also a big loser today, falling 5% to $14.45.
Published on Jun 29, 2015By Aaron Phillips