U.S. stocks open lower after Brexit vote
Xinhua, June 27, 2016 Adjust font size:
U.S. stocks opened lower on Monday, as Britain's vote to leave the European Union (EU) continued to weigh on Wall Street.
Shortly after the opening bell, the Dow Jones Industrial Average lost 210.38 points, or 1.21 percent, to 17,190.37. The S&P 500 shed 23.84 points, or 1.17 percent, to 2,013.57. The Nasdaq Composite Index was down 61.63 points, or 1.31 percent, to 4,646.35.
"Is this the beginning of the end for the EU? Probably not, but you'll get no straight answer," said Stephen Guilfoyle, managing director at Deep Value.
The Leave camp won Britain's Brexit referendum on Friday by obtaining nearly 52 percent of ballots, pulling the country out of the 28-nation bloc after its 43-year membership.
"European leaders' initial reaction -- anger, a vow to make it as difficult as possible for the UK and a call to get the process started as soon as possible -- has become more conciliatory now. They have had a few days to get over the shock," said Chris Low, chief economist at FTN Financial.
The stunning referendum results sent global markets on a wild descent, and were seen by many economists as a threat to global economic stability.
U.S. stocks ended sharply lower on Friday following a global rout, after Britain voted to leave the EU in the historic referendum.
For the last week, all three major indices suffered big losses, with the Dow, the S&P 500 and the Nasdaq dropping 1.6 percent, 1.6 percent and 1.9 percent, respectively. Endi