Brexit Continues To Shock Market, Stocks Tumble
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Markets opened to uncertainty Monday morning as the aftershocks of the Brexit fallout continue.
The Dow declined 184 points, or 1.1%, shortly after the opening bell, and the S&P 500 dropped 1% while Nasdaq Composites fell 1.1%. The Stoxx Europe 600 slid 3.1%, following its greatest daily drop since 2008, the Wall Street Journal reports.
Though policymakers have rushed to reassure investors of the economy’s resilience, strategists at Bank of America Merrill Lynch warned Monday morning that “Brexit is an exogenous shock” leading to a further decline in growth, lower rates and a stronger dollar.
The long-term political and economic results of Brexit remain unclear to investors and economists alike. [WSJ]