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U.S. stocks close sharply lower after Britain votes for Brexit
Nasdaq sees worst one-day percentage drop since August 2011

U.S. stocks plunge Friday, closing slightly above session lows, after U.K. citizens vote to end the country’s membership in the European Union—a historic rejection of Europe’s political order.

http://stream.marketwatch.com/story/markets/SS-4-4/SS-4-111658/

The Dow plunged 611.21 points, or 3.4%, to close at 17,399.86, all 30 blue-chip stocks finishing lower, led by bank stocks. J.P. Morgan Chase & Co., dropped 7% and Goldman Sachs Group Inc. dove 7.1%. Earlier, the average was down by as many as 655 points.

Meanwhile, the Nasdaq Composite Index plummeted 202.06 points, or 4.1%, to finish at 4,707.98, for its worst one-day percentage drop since August 2011.

The Brexit vote will have wide implications for monetary policy round the globe, according to analysts.

“The vote will definitely make it very difficult for the [Federal Reserve] to raise rates this year, and in fact the [Fed fund] futures are currently giving better chances of a rate cut in the U.S. than a rate increase. Lower for longer is what we continue to expect—the global economy is going to face lower growth prospects and rates are therefore going to be kept lower for longer,” said Chris Gaffney, president at EverBank World Markets.

“What is occurring is traders are rushing for the exits and can’t get out fast enough,” said Robert Pavlik, chief market strategist at Boston Private Wealth, in emailed comments. “As investors we must not panic (I realize the argument comes across as weak especially at this time) but keep in mind that the process for the United Kingdom to exit the European Union will occur over a period of two years and not weeks or months.”

15 U.S. stocks get absolutely crushed by 'Brexit'

http://www.usatoday.com/story/money/markets/2016/06/24/7-us-stocks-get-crushed-brexit/86331856/

Fifteen stocks in the Standard & Poor's 500 index, including money management firm Invesco (IVZ), autoparts maker Delphi Automotive (DLPH) and global financial Morgan Stanley (MS), closed down 10% or more Friday, making them the worst performers on a bad day.

Investors may be shocked by the events in Europe, but some may take comfort in the fact most U.S. companies get very small percentages of revenue from the nation. Even a global diversified portfolio would't have much more than a single-digit exposure to Great Britain. But the big selloffs in some select stocks inside the S&P 500 highlights the unique exposure some individual companies have to the issue.

Hardest hit is Invesco, a diversified money management firm based in Atlanta, which is seeing its stock drop nearly 14% on the news. The company got a quarter of its revenue, $1.3 billion, from the United Kingdom last year. An additional 13% of revenue was from Europe and Ireland.

Delphi was another hammered stock, dropping 12.2%. The maker of various parts for the automotive industry is also disproportionately exposed to Europe. More than 5% of the company's revenue last year was from the United Kingdom, and another 30% came from Europe and the Middle East.