U.S. stocks tumbled Monday morning as investors persevered to dump assets perceived as dangerous within the wake of U.k.’s vote to go away the european Union.
Amid the worldwide flight to quality, risk property like European equities and oil CLQ6, -1.89% acquired hammered, while the pound GBPUSD, -3.4294% slid to a 31-year low. Gold futures and bonds GCQ6, +0.64% benefited from secure-harbor purchases, pushing larger executive bond yields to report lows.
The S&P 500 SPX, -1.36% misplaced 24 points, or 1.3%, to 2,011, with nine of its 10 sectors in negative territory. monetary shares have been top the losses, down 1.7%, whereas utilities, a sector typically seen as a security play in times of misery, have been the only sector in positive territory, up 0.2%.
The Dow Jones Industrial reasonable DJIA, -1.29% dropped 234 points, or 1.3%, to 17,176, led by way of American specific Co. AXP, -2.85% and J.P. Morgan Chase & Co. JPM, -three.10% down 2.2% and a pair of.1% respectively.
meanwhile, the Nasdaq Composite COMP, -1.50% lost sixty nine factors, or 1.5%, at 4,638.
The selloff follows Friday’s carnage, when the market saw its sharpest selloff given that ultimate August after the U.okay.’s choice to stop the european, known as Brexit.
learn: S&P 500 could drop as a lot as 7% in Brexit swoon
That so-called Brexit vote, or Britain’s choice to exit the eu, sparked a drop 611 level tumble, or three.4% for the Dow. The Nasdaq Composite Index and S&P 500 lost four.1% and 3.6%, respectively. All three benchmarks have been in terrible territory for the year, with the Nasdaq leading the losses, off 7.1% thus far this year.
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