MARKET SNAPSHOT: Brexit Aftermath Sends Dow 200 Points Lower
28 June 2016 - 12:02AM
Dow Jones News
By Ellie Ismailidou and Sara Sjolin, MarketWatch
Financials lead the losses; government-bond yields tumble; pound
plunges to 31-year low
U.S. stocks tumbled Monday morning as investors continued to
dump assets perceived as risky in the wake of U.K.'s vote to leave
the European Union.
Amid the global flight to quality, risk assets like European
equities
(http://www.marketwatch.com/story/european-stocks-drop-to-4-month-low-as-brexit-fallout-continues-2016-06-27)and
oil got hammered, while the pound slid to a 31-year low
(http://www.marketwatch.com/story/pound-continues-to-slide-as-brexit-shock-waves-linger-2016-06-27).
Gold futures and bonds benefited from safe-harbor purchases,
pushing higher government bond yields to record lows.
The S&P 500 lost 24 points, or 1.3%, to 2,011, with nine of
its 10 sectors in negative territory. Financial stocks were leading
the losses, down 1.7%, while utilities, a sector typically viewed
as a safety play in times of distress, were the only sector in
positive territory, up 0.2%.
The Dow Jones Industrial Average dropped 234 points, or 1.3%, to
17,176, led by American Express Co.(AXP) and J.P. Morgan Chase
& Co.(JPM), down 2.2% and 2.1% respectively.
Meanwhile, the Nasdaq Composite lost 69 points, or 1.5%, at
4,638.
The selloff follows Friday's carnage, when the market saw its
sharpest selloff since last August after the U.K.'s decision to
quit the EU, known as Brexit.
Read: S&P 500 could drop as much as 7% in Brexit swoon
(http://www.marketwatch.com/story/brexit-sparked-volatility-will-continue-to-weigh-on-us-stock-market-2016-06-25)
That so-called Brexit vote, or Britain's decision to exit the
EU, sparked a drop 611 point tumble, or 3.4% for the Dow. The
Nasdaq Composite Index and S&P 500 lost 4.1% and 3.6%,
respectively. All three benchmarks were in negative territory for
the year, with the Nasdaq leading the losses, off 7.1% so far this
year.
(END) Dow Jones Newswires
June 27, 2016 09:47 ET (13:47 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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