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Markets

Wall Street caught in $2 trillion global sell-off

Opening sequence

Opening sequence

Markets

Wall Street caught in $2 trillion global sell-off

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COMING UP:Wall Street caught in $2 trillion global sell-off

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Transcript

00:00:01
>> Wall Street was caught off guard Friday by the UK's leave vote, and felt that pain early and often. The Brexit inspired sell off ripped 500 points off the DOW in the first ten minutes of trading. And it didn't get any better from there. The DOW closed down more than 600 points and the SNP 500 ended the day roughly 4% lower.
00:00:22
That loss, it's biggest one day drop since August, put the S&P back in negative territory for the year. Bank stocks were among the hardest hit as the Brexit presents an entirely new set of risks. Goldman Sachs, JP Morgan Chase, and American Express, all big losers. And consumers stocks were knocked down on fear the global economy will, at the very least, slow down.
00:00:44
And could slip into a full blown recession. The only place investors could hide was in cold, hard cash. But that had a down side, too. The biggest one day surge in the dollar since 2008 put the nation's exporters on the sell list. As anything made in America just became more expensive outside of it.
00:01:04
Gold and US government debt were snapped up at a frenetic pace as investors look for stable places to ride out the storm, in stocks and currencies