The Post-Brexit Blues

Friday was obviously a very dramatic day on Wall Street. Stocks plunged and bonds soared. Gold rallied to a two-year high and the 10-year yield is close to a multi-decade low. The Japanese yen soared to under 100 against the dollar.

Stocks opened lower this morning. The S&P 500 is currently down about 1%. The index has been as low as 2,015 this morning.

The post-Brexit fallout is mostly a financial issue, meaning it’s impacting banks and the credit markets. While stocks involved in the production part of the economy are down, the pain isn’t nearly as severe. Hormel Foods, for example, closed higher on Friday. Walmart came close to closing in the green as well.

Posted by on June 27th, 2016 at 9:40 am

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