wpid-businessstocks.jpgStocks on Wall Street fell sharply on Friday as jitters in emerging markets spooked investors.

In New York, the?Dow Jones?fell 318.24 points, just shy of 2%. The?Nasdaq?fell 2% to 4130.44, while the?S&P 500?also dropped 2% to end at 1790.31.

On Thursday, Argentina abandoned efforts to defend the peso, and it fell 11% against the US dollar.

Other emerging market currencies have also fallen, and nerves spread to European stock markets on Friday.

Confidence among investors has also been knocked by a survey from China on Thursday indicating the country’s manufacturing sector contracted this month.

Disappointing company results earlier in the week were also a factor.

It was the worst week for the S&P 500 since June 2012, and the worst week for the Dow Jones index since mid-2012.

Anastasia Amoroso, global market strategist at JP Morgan Funds said that news in the past week was “making the market very sensitive and very vulnerable to growth expectations in emerging markets”.

However,?Microsoft?shares bucked the downward trend, rising over 2% on the Dow Jones index, after it?reported better-than-expected results?on Thursday.

Procter & Gamble?(P&G) shares also rose, gaining 1.2% after its latest results. The household products giant reported profits of $3.43bn (?2.06bn) for the second quarter of its financial year, which covers the three months to 31 December, down from $4.06bn a year earlier.

But P&G maintained its earnings forecast for the full-year.

Source BBC

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