Brexit Roils Wall Street, Stocks Extend Global Selloff

Massive stock market sell offs worldwide because of the U.K. Brexit vote.

It started as the vote results were coming in and when it was apparent they would in fact vote to exit, the markets went down big time.

The Asian markets were already open and falling like crazy.

The American and European market index futures trading went nuts too.

The day ended with everything down, but gold and some government bonds were up.

Some European government bonds actually traded in negative interest rates !!

Now let's see what they do on Monday.

The index futures markets will be worth watching Sunday night.

I think there's also some talk of other E.U. countries voting too. That could cause more uncertainty and panic.

The American Dow index fell -611 points Friday.

Brexit Roils Wall Street, Stocks Extend Global Selloff

A day after flirting with record levels, U.S equity markets on Friday extended a global-market meltdown after the United Kingdom, in a stunning decision, voted to sever its more than 40-year membership in the European Union.

At the closing bell, the Dow Jones Industrial Average plunged 611 points, or 3.39% to 17399. The S&P 500 dropped 76 points, or 3.60% to 2037, while the Nasdaq Composite shed 202 points, or 4.12% to 4707.

a reply to: xuenchen

"It was a very British day, all over by teatime"

A Prime Minister resigned. The £ plummeted. The FTSE 100 lost significant ground. But then the £ rallied past February levels, and the FTSE closed on a weekly high: 2.4% up on last Friday, its best performance in 4 months. President Obama decided we wouldn't be at the 'back of the queue' after all and that our 'special relationship' was still strong. The French President confirmed the Le Touquet agreement would stay in place. The President of the European Commission stated Brexit negations would be 'orderly' and stressed the UK would continue to be a 'close partner' of the EU. A big bank denied reports it would shift 2,000 staff overseas. The CBI, vehemently anti-Brexit during the referendum campaign, stated British business was resilient and would adapt. Several countries outside the EU stated they wished to begin bi-lateral trade talks with the UK immediately. If this was the predicted apocalypse, well, it was a very British one. It was all over by teatime. Not a bad first day of freedom.

Author: Suzanne Evans UKIP

they priced in for a stay vote and panicked

a reply to: xuenchen

It is a GREAT time to be buying into this downturn. People and especially fund managers always overreact.

a reply to: flammadraco

All over by tea time? Not quite.

Scotland and Northern Ireland threatening calls for referendum BEFORE the Brexit takes place.
Moodys reduce the UK's credit rating down from AAA status.
Most British politicians making speeches about how the Brexit will take time and that article 50 won't need to be invoked for at least three months which gives plenty of time for a post brexit strategy to be developed, while at the same time, the European President makes a speech where he says basically 'the sooner the better'.

It may be in Britain's interest for the Brexit process to take a minimum of three years, but it's not in the interest of the EU for it to take that long. And when the time comes to start negotiating, don't expect to be sitting across the table from people who have Britain's best interest at heart.

If you're celebrating the Referendum result here's some questions for you...

Do you live in the UK?
Do you have a pension?
Have you checked it's value in the last 24 hours?
Do you ever plan to visit Europe on vacation at some point in the future? Do you realise how much more it's going to cost you if the pound looses any more of it's value?
Are you looking forward to the emergency budget that will come in three months when you have anew PM?
Do you realise that a 2% margin of victory is not the same as a landslide?
Do you think it's a good thing for Europe to revert to the same nationalistic rhetoric that proved successful in Britain?
(Especially when it applies to the Scots and the Irish)

Buy gold, went up 60 today.

Bitcoin tripled in price recently.

Any economic expert here could tell us what in the world people are afraid of?

Ben Stein says there’s nothing to fear in America because the trade with Britain is miniscule.




I think by Monday this all will blow over.

a reply to: Willtell

There is no real reason this should affect our markets. It won't make that big a difference in Britain either, but people always sell into the 'unknown'.

a reply to: redshoes

Nonsense!!

Scotland - let them have the referendum, if they choose to exit, they'll need an IMF and ECB bailout within 18 months.

Northern Ireland - I truly and sincerely hope they do have a referendum and that Ireland is finally United as one country "Republic of Ireland" as it should be. It's a disgrace it's taken this long!!

Moodys - a privately owned credit agency! So what? More reason for us to live within our means!

EU wanting us to leave sooner rather than later - is exactly the reason why some Brits voted to leave, the President is a narcissist in his opinions about the Brits as shown today with his rhetoric.

Yes I'm British, and proud of the fact, proud that my fellow countrymen agreed we are
best "paddling our own canoe"

I love Europeans, I love visiting Europe for my holidays. I despise the EU project, it's doomed for failure and fail it will. The EU would only work if every member state was on equal footing, for example, same minimum wage in all states. Same health and social benefits. These conditions should be the very core requirements to membership of the EU.

Whilst the EU membership is made up of the "Haves and Have nots" it is only a matter of time before complete failure of the EU.

originally posted by: xuenchen

It started as the vote results were coming in and when it was apparent they would in fact vote to exit, the markets went down big time.

Stuff started before results were coming in, my guess is that some recognised the impotence of the massive kinder, but limited vote to remain, and made a few bob out of a negative remain vote. In some ways, it's all a bit of sham really, whatever time will tell a story.

It's not all that bad, I'm sure the markets will bounce back. The Baltic Dry Index is up, so this probably won't last long. My hat is off to the people of Great Britain, as Obama would say, "they did the right thing."

a reply to: flammadraco

I just want too congratulate you Brits and tell you I wish you the best..........what you guys did rocked in my book. Have a pint for me.

originally posted by: Tarzan the apeman.
a reply to: flammadraco

I just want too congratulate you Brits and tell you I wish you the best..........what you guys did rocked in my book. Have a pint for me.

Can you enlarge on that, even just a little bit? but thanks for the pint .

a reply to: onequestion


I think BTC had more to do with the bitfinex thingy then the Brexit.


But who cares as long as Dumbass made profit.



ETA: ohw and let the noobs buy in high before the halving of course.

I bought a good bit of stock in one of the bigger companies I sometimes trade. It dipped quite nicely on the Brexit vote. I expect nice returns in the short term.

I am holding off moving funds in the 401 back into active funds. I have everything in the safe fund for now. I kinda saw this coming... I missed the whole drop. It will be a nice ride back up, but I think it will be a little slow.