- The Washington Times - Friday, June 24, 2016

The Dow Jones index of leading stocks fell nearly 3 percent in the first minutes of trading Friday morning, as traders were still reeling from the shock vote the day before that will take Britain out of the European Union.

Five minutes after the trading bell sounded, the Dow was down nearly 500 points, or 2.9 percent, with broader S&P 500 and the tech-heavy Nasdaq also reporting big losses.

The Brexit vote, which took more markets by surprise, sent the dollar up and the value of the British pound down to its lowest level in decades, with investors trying to figure out the long-term impact on the U.K. economy and the strength of the EU market with Britain preparing to leave.

U.K. voters voted Thursday by a 52 percent to 48 percent margin to leave the European Union. British Prime Minister David Cameron, a leader for the “Remain” camp, announced he will step down in the coming months in the wake of the result.

“Obviously markets are going to react when new news and information like this occurs,” U.S. House Speaker Paul D. Ryan said. “I believe the markets will eventually stabilize.”

Tom Howell Jr. contributed to this report.


SEE ALSO: Blimey! David Cameron, U.K. prime minister, decides to resign after Brexit humiliation


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