Canadian, US markets close sharply lower on UK exit

VANCOUVER (NEWS 1130) – Global stocks and the pound plunged after Britons voted to leave the European Union.

The Dow Jones industrial average dropped 611 points, or 3.4 per cent, to 17,399 in heavy trading Friday.

The Standard-and-Poor’s 500 index fell 75 points, or 3.6 per cent, to 2,037.

The Nasdaq composite sank 202 points, or 4.1 per cent, to 4,707.

It was the biggest drop for the Dow and S&P 500 since August and the worst fall for the Nasdaq since 2011.

Some European markets fell even more.

France’s benchmark index lost 8 per cent and Germany’s fell 7 per cent.

Britain’s fell 3 per cent.

Bond prices rose sharply as investors sought safety.

The yield on the 10-year U-S Treasury note dropped to 1.57 per cent from 1.75 per cent a day earlier, a huge move.

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