World stocks still sliding amid Brexit fallout

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World stocks still sliding amid Brexit fallout

NEW YORK, (APP): World stocks still sliding amid Brexit fallout

 

US stocks tumbled  early Monday, joining European markets in a two-day rout due to worries about the impact of Britain's vote last week to leave the European Union.

 

About 15 minutes into trade, the Dow Jones Industrial Average was at 17,176.88, down 1.3 percent.

 

The broad-based S&P 500 dropped 1.3 percent to 2,011.83, while the tech-rich Nasdaq Composite Index fell 1.5 percent to 4,638.86.

 

Losses were even deeper in Europe, where the economic hit is expected to be greatest due to uncertainty over the British negotiation of terms to exit the EU.

 

Markets in Paris, London and Frankfurt were all down about two percent. Oil prices fell, and the British pound suffered another bruising decline.

 

Commentators have focused on the possibility that the Brexit could boost nationalist movements elsewhere in Europe, further splintering the EU, and that it could be a sign of a greater likelihood that Republican presumptive presidential candidate Donald Trump could win the US election in November.

 

"The prevalent theme is that it has opened a Pandora's Box of uncertainty and that the lid on that box might not be able to be put back on so easily," said Briefing.com analyst Patrick O'Hare.