A DOWN DAY ON WALL STREET AFTER BRITAIN VOTED TO LEAVE THE EUROPEAN UNION.
STUNNED INVESTORS PUSHED STOCKS SHARPLY LOWER BY RUSHING TO THE SAFETY OF GOLD AND GOVERNMENT BONDS AS THEY WONDERED WHAT WILL COME NEXT FOR BRITAIN, EUROPE AND THE GLOBAL ECONOMY.
SOUNDBITE (English) Alan Valdes, senior partner, Silverbear Capital:
"The big worry for most traders is not so much Britain because like I said it's only five percent but what happens now to France with the National Front Movement, to Italy with the Five Star Movement. So those are the things that are going to come into play in Germany, in Portugal, in Poland."
BRITONS VOTED TO LEAVE THE EU OVER CONCERNS INCLUDING IMMIGRATION AND REGULATION.
IT'S FAR FROM CLEAR WHAT THAT WILL MEAN FOR INTERNATIONAL TRADE OR FOR EUROPE, BUT IT SENT THE POUND DOWN TO JUST OVER $1.37 - ITS LOWEST LEVEL SINCE 1985.
SOUNDBITE (English) Beth Ann Bovino, U.S. Chief Economist, S&P Global Ratings:
"It's a huge impact on an already very strong dollar. And indeed you didn't just see it in the pound, I suppose, because possible worries that this Brexit vote could spread to other countries, you saw the euro get weak as well."
U.S. STOCKS TOOK FAR SMALLER LOSSES THAN MARKETS IN EUROPE AND ASIA, BUT WERE STILL SHARPLY LOWER.
SOUNDBITE (English) Jonathan Corpina, Senior Managing Partner, Meridian Equity Partners:
"I think everyone is trying to understand what the landscape is going to be moving forward. Clearly this is something that we have not experienced before so we don't have a prior situation where we can draw a parallel relation to this."
THE DOW JONES INDUSTRIAL AVERAGE ENDED THE DAY DOWN 611 POINTS, OR 3.4 PERCENT, TO 17,400. THE S&P 500 _ DOWN 76 POINTS, OR 3.6 PERCENT, TO 2037. THE NASDAQ COMPOSITE DROPPED 202 POINTS, OR 4.1 PERCENT, TO 4,707.