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Dow Falls 600 Points In Brexit Stock Market Tailspin
By
Jen Chung
Published Jun 24, 2016
Modified Jun 24, 2016
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By
Jen Chung
Published Jun 24, 2016
Modified Jun 24, 2016
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The United Kingdom's national vote to leave the European Union battered financial markets today. The British pound had fallen to a low of $1.3229—it was last at this level in 1985—and the Dow Jones plummeted by 611 points.
CNBC reports it was the Dow's "eighth-largest point loss ever — with Goldman Sachs contributing the most to declines. On a percentage basis the Dow and S&P had their worst day since August 2015, while the Nasdaq composite's 4.1 percent decline was the index's worst since August 2011."
Chris Semenuk, manager of the TIAA-CREF International Equity Fund, told the Wall Street Journal, "We haven’t had what I would say is a crash, but we’ve given back gains we’d taken months to make."
British and European banks lost value—Barclays closed down 17%, while Royal Bank of Scotland fell 27%. A British fund manager told Bloomberg News, "The central banks are saying all the right things and they’re flooding the market with liquidity so you have a more orderly move. You may be seeing some tactical rotation, the U.S. looks more solid now at least until the U.S. election."
Yeah, about that election: One economist spoke to the Times, explaining that the results from Brexit are "essentially against economic rationality and driven by identity concerns and unease about globalization and trade. If such a vote can win in the U.K., that fosters among investors a sense of the likelihood that Trump can also win, and that will have an adverse effect on capital markets."
Tagged
brexit
election 2016
united kingdom
wall street
Jen Chung
Jen Chung is a former WNYC and Gothamist editor.
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Gothamist is funded by sponsors and member donations
Gothamist is funded by sponsors and member donations
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