US Close 27 Jun 16: BREXIT heightened political and economic uncertainty set to continue.

US sharemarkets fell sharply on Friday. The decision by the UK to leave the European Union heightened political and economic uncertainty. Investors sold most sectors flocking to safe-haven assets. The S&P Financial sector (-5.4%) led the declines. Utilities (+0.1%) was the only S&P 500 sector that managed to stay in positive territory. The CBOE Volatility index surged by 49% to 25.76 - its highest level since Feb 11. Volume across the US exchanges was huge with more than $15.3 billion traded compared with the daily average of $6.8 billion. The Dow Jones index fell by 610 points or 3.4%. The S&P 500 index lost 3.6% while the Nasdaq fell 202 points or 4.1%. Over the week, the Dow lost 1.6%, with the S&P 500 also down 1.6% and the Nasdaq lost 1.9%.

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