Hundreds of Argentines gathered in the streets of Buenos Aires to celebrate the win of Peronist center-left candidate Alberto Fernandez, Sunday, October 27. Fernandez achieved a landslide victory over President Mauricio Macri, who advocated for austerity measures that voters rejected at the polls.
Some worried that the Peronist victory would scare off investors and bring the return of interventionist policies that would only increase Argentina's economic woes.
Argentina's inflation rate already is one of the highest in the world, nearly one third of Argentines are poor and its currency has plunged under Macri, who came into power in 2015 with promises to boost South America's second-largest economy and one of the world's top grains suppliers.
Stocks plummeted when Fernandez topped party primaries in August and the peso depreciated on investor fears of a return to the populist economic policies of Cristina Fernandez, who governed from 2007 to 2015.