Stocks on Wall Street fell sharply on Friday as jitters in emerging markets spooked investors. In New York, the Dow Jones fell 318.24 points, just shy of 2%. The Nasdaq fell 2% to 4130.44, while the S&P 500 also dropped 2% to end at 1790.31. On Thursday, Argentina abandoned efforts to defend the peso, and it fell 11% against the US dollar. Other emerging market currencies have also fallen, and nerves spread to European stock markets.