"The market is down because country of Argentina defaulted on bonds. I think you can read about it on any news feed."
U.S. stocks declined and Treasury yields rose on Thursday after an unexpected drop in European inflation fueled worries about deflation there and a jump in U.S. labor costs furthered the idea that the Federal Reserve would have to hike interest rates sooner rather than later.
Euro-zone inflation unexpectedly declined this month, highlighting the European Central Bank's worries that the region's economy is not healthy enough to support increased prices.
"Europe is struggling to keep its head above water economically, and for the first time, there is the possibility Fed may have to shift from offense to defense," said Bruce Bittles chief investment strategist at RW Baird & Co.
Investor sentiment was also hit by the default by Argentina.
[So the bottom line is that there isn't any reason why the markets are down except Wall Street has been pushing constantly for a correction and hedge funds are now viciously attacking and attempting to precipitate a sell-off on any signs of weakness. They are trying to panic investors and have done a pretty good job of it today.
Let us not forget that today is the day after we just found out that GDP grew by 4 percent last quarter. In other words, this is a totally contrived sell-off. No surprise there. ]