Stocks, Oil Slide as Dow Erases 2014 Gains; Dollar Rises

Global stocks sank the most in almost six months and the Dow Jones Industrial Average erased its gains for the year as corporate earnings disappointed and Argentina’s default stoked concern credit markets will deteriorate. Oil slid with corn as the dollar strengthened.

The MSCI All-Country World Index slid 1.5 percent, its biggest decline since February, while the Dow fell 1.9 percent and the Standard & Poor’s 500 Index dropped 2 percent, the most since April 10. Argentina’s dollar bonds slid, while Portuguese debt fell as Banco Espirito Santo SA was told to raise capital after posting a net loss. U.S. oil lost 2.1 percent and corn futures sank as commodities capped the worst monthly drop since 2012. The dollar climbed against most of its major counterparts.