Two exchange-traded funds that track Argentina's equity market tumbled on Thursday, after the country's central bank dramatically raised its benchmark interest rate in an attempt to arrest a sharp drop in its currency. The iShares MSCI Argentina & Global Exposure ETF AGT, -6.42% tumbled 5.4% while the Global X MSCI Argentina ETF ARGT, -7.04% was down 5.5%. Argentina's central bank raised its interest rate by 15 percentage points to 60% and news reports quoted it as saying it wouldn't cut rates before December. The country's stock market has been struggling throughout 2018, and is down nearly 30% year to date. The Dow Jones Industrial Average DJIA, -0.42% fell 0.3% on Thursday while the S&P 500 SPX, -0.28% was down 0.2% and the Nasdaq Composite Index COMP, -0.10% was down 0.1%.
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