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Markets

Dow loses almost 900 points since Brexit

Opening sequence

Opening sequence

Markets

Dow loses almost 900 points since Brexit

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COMING UP:Dow loses almost 900 points since Brexit

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Transcript

00:00:01
>> The Stock Market fallout from the once unthinkable. Brittain leaving the European Union is far and wide. Engulfing markets around the world for a second trading day.>> I'm Reuter's reporter Conway Givens outside of the NASDAQ market site. The Dow has lost almost 900 points in just two days.
00:00:19
Financials have really led the way lower. But they are not alone. The tech heavy NASDAQ has shed more than 6%, and that is worse than the broader market. Tech stocks are particularly vulnerable to the threat of a slowing global economy. And investors are fearful all the uncertainty will cause business deals to go cold as companies horde cash instead of making technology purchases.
00:00:43
Slower sales will hardly justify the lofty stock prices of that group. High flying cloud companies like Like work day, bearing the brunt of those fears, sinking more than 13% since Friday. In dollar terms, the pain is deep for IBM. Its two-day loss tallies up to about $12 billion.
00:01:01
But, it's the banks, with their global operations, and dreams of higher interest rates gone bust, that led the Dow and the S&P 500 to their worst two days in almost a year. JP Morgan Chase tumbling the likes not seen since the nation's largest bank revealed a multibillion dollar trading loss back in the spring of 2012.
00:01:20
Hopes for any market turnaround quickly dashed after Standard and Poor's joined other ratings agencies in slashing Britain's highly coveted AAA credit rating. A reminder that the ramifications of last week's vote have only just begun.