Pursuits
U.S. Stocks Continue Selloff as Brexit Angst Weighs on Sentiment
- Banks take worst two-day beating since August 2011, down 10%
- Auto, airline shares slide on worries growth poised to weaken
Are Markets Overreacting to Brexit?
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U.S. stocks continued a rout sparked by Britain’s shock vote to leave the European Union, with the Dow Jones Industrial Average falling 260 points after equities on Friday tumbled the most in 10 months.
Banks remained the focal point in the downdraft, with no sign of the pummeling letting up as lenders marked the worst two-day drop in almost five years. Bank of America Corp. and JPMorgan Chase & Co. sank more than 3.3 percent. Raw-material and industrial shares also posted the steepest back-to-back slide since 2011. Sentiment was dealt another blow after S&P Global Ratings today cut the U.K.’s top credit grade by two levels.