The Dow fell more than 500 points out of the gate after Britain voted to leave the European Union. Fred Katayama reports.
U.S. stocks got slammed at the open by Britain's vote to leave the European Union. The Dow falling more than 500 points at the gate. Dragging down the indexes: bank stocks, including Goldmans Sachs, whose CEO tried to downplay the Brexit threat by saying the bank had prepared for either vote outcome. Tech stocks fell including Apple, which gets a fifth of its revenue from Europe. U.S. Bank's Eric Wiegand: SOUNDBITE: ERIC WIEGAND, SENIOR PORTFOLIO MANAGER, U.S. BANK, (ENGLISH) SAYING: "It was a surprise in the magnitude of the reaction. Clearly, markets anticipated that there would be greater stability in staying. The uncertainty that comes as a result of the leave vote passing and the subsequent stepping down of Prime Minister Cameron certainly increases investor anxiety as we look through the summer." As headlines of the Brexit outcome blared across newspapers and along building facades, some workers near the New York Stock Exchange worried about their personal finances. SOUNDBITE: KENDRA COLEMAN (ENGLISH) SAYING: "I mean, with the stock market being affected, that could also be very very detrimental to my 401k. It's purely based on stocks." The plunge in stocks lifted other assets. Investors flocked to safe havens, driving up the dollar, gold, and U.S. bonds.