Aust stocks close sharply lower

Local market follows Wall Street lower as worries about Portugal, Argentina weigh.

The Australian sharemarket followed offshore markets sharply lower today as investors worry about the technical default in Argentina, disappointing US corporate earnings and concerns in the Portuguese banking system.

At the 4.15pm (AEST) official market close, the benchmark S&P/ASX200 index tumbled 76.5 points, or 1.36%, to 5,556.4 points, while the broader All Ordinaries index fell 75.5 points, or 1.34%, to 5,547.6 points.

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