Economics
U.S. Stocks Tumble the Most in 10 Months After U.K. Brexit Vote
- Banks bear the brunt of selling while volatility surges
- Central banks monitoring markets, providing liquidity
Watt: Pound Violence Is Investors Caught on Wrong Side
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U.S. stocks plunged the most in 10 months, joining a selloff in global risk assets on speculation that the U.K. decision to leave the European Union will hamper worldwide growth.
Equities sank to session lows in afternoon trading, with the Dow Jones Industrial Average sliding more than 600 points. The S&P 500 Index extended losses after falling below the 2,050 level, an area where other pullbacks during the prior two months found a floor. Banks, technology, raw-materials and industrial shares capped their worst single-day declines in more than four years.