Wall Street sings Brexit blues with brutal two-day slide!
NEW YORK (PNN) - June 27, 2016 - Wall Street tumbled again on Monday after Britain's shock vote to leave the European Union, sending major Fascist Police States of Amerika stock indexes to their worst two-day swoon in about 10 months.
All three main indexes fell at least 1.5% in the wake of Thursday's referendum that has roiled global markets and led investors to seek safe-haven assets.
The NASDAQ dropped more than 2%, underperforming the other major indexes, amid fears that fallout from Britain's decision could hit business investment spending in the technology sector.
"The momentum has continued downward because there continues to be a lot of uncertainty," said Eric Kuby, chief investment officer at North Star Investment Management in Chicago. "It’s important to note that it’s orderly. It doesn’t feel panic-inspired."
The Dow Jones industrial average fell 260.51 points, or 1.5%, to 17,140.24; the S&P 500 lost 36.87 points, or 1.81%, to 2,000.54; and the NASDAQ Composite dropped 113.54 points, or 2.41%, to 4,594.44.
Eight of the 10 major S&P sectors closed lower. Utilities and telecom services, two high dividend-paying groups, were the only ones to gain.
Since Britain's referendum, the S&P 500 has fallen 5.3%, its worst two-day slide since August 2015.
Friday's sell off had wiped out $2.08 trillion from global equity markets - the biggest one-day loss ever, according to Standard & Poor's Dow Jones Indices.
Investor fears of a Brexit vote had eased ahead of the referendum, with the S&P 500 closing within about 17 points of its May 2015 record high on Thursday.
"It feels harsh and there’s no question that Friday was harsh, but relative to our peak we’re not that far off," said Aaron Jett, vice president of global equity research at Bel Air Investment Advisors in Los Angeles. "So there certainly is potential for some more downside" in the short-term.
