US stock market reaches worst drop in 10 months

The US stock market has had its worst drop in 10 months after Britain voted to exit the European Union and UK Prime Minister David Cameron subsequently announced his resignation.

Some 51.90 percent of British voters opted to leave the EU, while roughly 48.10 percent of people voted to stay in the union in a historic referendum on Thursday.

Cameron announced on Friday that he would leave office in fall- by October- when his ruling Conservative Party will hold a conference.

Brexit dealt a severe blow to the US stock market on Friday, with the Dow Jones Industrial Average plunging by 3.4 percent, the Standard & Poor’s 500 falling by 3.6 percent and the Nasdaq plummeting by 4.12%.

US crude also had a decline of 5 percent, or $2.47, reaching $47.64, its biggest one-day drop since February.

According to the Wilshire 5000 index, Brexit caused around $800 billion in US market value to be erased.

Eric Wiegand, senior portfolio manager at US Bank Wealth…

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