Huge Selloff Shakes Market

On the eve of an expected Greek default, the markets were way down today. Investors were looking to unload their shares ahead of any market instability, and in turn the Dow tanked. It was down 350.33 points today, closing at a month-long low of 17,596.35. The NASDAQ was way down, shedding 122.04 points to close the day at 4,958.47. The S&P 500 fell along with the other two indexes, and lost 43.85 points on the day. The S&P closed at 2,057.64.

Markets Fall on Greek Fears

Investors were in a hurry to get rid of their positions across the market today.
Every sector across the board suffered, with losses running nearly 1.95% in total. Markets were down over fears that the Greek economy could collapse in the wake of a default to the international bank. At this point a default seems to be inevitable, and markets across the world are acting like that's the case.

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 Gains

There 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.

Goodyear (GT) and Harmon (HAR) Among the Biggest Losers

Both companies fell about 6% on the day. Harmon (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, 2015
By Aaron Phillips
Aaron Phillips is a financial researcher and journalist based out of Michigan. He regularly writes the IG Daily and IG Weekly columns.

Copyrighted 2020. Content published with author's permission.

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