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Global Markets in Chaos, Dow Plummets over Brexit Vote

[DIGEST: The Guardian, The New York Times]

Traders worldwide punished markets in reaction to Britain’s vote to leave the European Union last night, amid fears the change would trigger an economic recession in Britain and have global spillover effects. The Dow Jones opened more than 400 points down, and the pound sterling plunged to a 31-year low after investors initially had bought up the pound and British banking shares after opinion polls had predicted a win for the Remain camp.  Within the first few minutes of trading Friday morning, the FTSE 100 fell more than 8%. It was the FTSE’s biggest fall since the 2008 collapse of US investment bank Lehman Brothers. The market has since recovered some of that loss as UK government officials stepped in to quell fears.

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