Markets plummet on Argentina's default

Disappointing earnings and Argentina's default sparked a widespread sell-off in the markets. All gains made by the Dow this year were wiped out as the blue chip index crashed 317 points to 16,563. Nasdaq skidded 93 points to 4369.

On the upside

Shares of Transocean Partners (NYSE: RIGP) soared in its market debut.

El Pollo Loco (Nasdaq: LOCO) stock surged again.

Journal Communications (NYSE: JRN) will merge with E.W. Scripps (NYSE: SSP) then separate into two distinct companies, a broadcast and digital media company and a newspaper company.

On the downside

L-3 Communications (NYSE: LLL) reported lower preliminary second quarter earnings and revenue and fired four employees for overstating sales.

Second quarter earnings fell for Ocwen Financial (NYSE: OCN).

Shares of Macrocure (Nasdaq: MCUR) fell on its first trading day.

In the broad market, declining issues outpaced advancers by a margin of nearly 9 to 1 on the NYSE and by more than 5 to 1 on Nasdaq. The broader S&P 500 plunged 39 points to 1930. Bitcoin climbed $20 to $582.

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