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Global stocks tumble after Britain votes to leave the EU

June 24, 2016
Specialist Michael Pistillo wears Union Jack socks as he works on the floor of the New York Stock Exchange, Friday, June 24, 2016. U.S. stocks are plunging in early trading after Britons voted to leave the European Union.

Specialist Michael Pistillo wears Union Jack socks as he works on the floor of the New York Stock Exchange, Friday, June 24, 2016. U.S. stocks are plunging in early trading after Britons voted to leave the European Union.

NEW YORK (AP) — Stocks plunged in the U.S. and worldwide Friday after Britain voted to leave the European Union. The result stunned investors, who reacted by rushing to the safety of gold and U.S. government bonds as they wondered what will come next for Britain, Europe and the global economy.

U.S. stocks gave up all their gains from earlier in the year. The Dow Jones industrial average tumbled 611.21 points, or 3.4 percent, to 17,399.86. The Standard & Poor’s 500 dropped 76.02 points, or 3.6 percent, to 2,037.70. Both indexes took their biggest loss since August. The Nasdaq composite suffered its biggest loss since mid-2011, down 202.06 points, or 4.1 percent, to 4,707.98. Indexes in Europe and Asia took even larger losses.

The British vote brought a massive dose of uncertainty to financial markets, something investors loathe. Traders responded by dumping riskier assets that appeared to have the most to lose from disruptions in financial flows and trade: banks, technology companies and makers of basic materials. More shares were traded than on any day since August 2011, when Standard & Poor’s downgraded the credit rating of the U.S. government during a crisis over the budget and the country’s debt ceiling.

Britons voted to leave the EU over concerns including immigration and regulation. It’s far from clear what that will mean for international trade or for Europe, as the EU, which was formed in the decades following World War II, has never before lost a member state.

NEW YORK (AP) — Stocks plunged in the U.S. and worldwide Friday after Britain voted to leave the European Union. The result stunned investors, who reacted by rushing to the safety of gold and U.S. government bonds as they wondered what will come next for Britain, Europe and the global economy.

U.S. stocks gave up all their gains from earlier in the year. The Dow Jones industrial average tumbled 611.21 points, or 3.4 percent, to 17,399.86. The Standard & Poor’s 500 dropped 76.02 points, or 3.6 percent, to 2,037.70. Both indexes took their biggest loss since August. The Nasdaq composite suffered its biggest loss since mid-2011, down 202.06 points, or 4.1 percent, to 4,707.98. Indexes in Europe and Asia took even larger losses.

The British vote brought a massive dose of uncertainty to financial markets, something investors loathe. Traders responded by dumping riskier assets that appeared to have the most to lose from disruptions in financial flows and trade: banks, technology companies and makers of basic materials. More shares were traded than on any day since August 2011, when Standard & Poor’s downgraded the credit rating of the U.S. government during a crisis over the budget and the country’s debt ceiling.

Britons voted to leave the EU over concerns including immigration and regulation. It’s far from clear what that will mean for international trade or for Europe, as the EU, which was formed in the decades following World War II, has never before lost a member state.

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