The S&P 500 turned negative for the year-to-date on Friday as Wall Street suffered its largest selloff in 10 months after Britain's decision to leave the European Union caught traders wrong-footed. "Expect weaker investment and thereby slower economic growth to persist during the 2-3 year negotiations to leave the European Union," Deutsche Bank economists said in a Friday note. The decline during regular market hours seemed more orderly, but the S&P 500 financial sector posted its largest percentage decline since November 2011, tumbling 5.4 percent.
NEW YORK (Reuters) - Global stock markets lost about $2 trillion in value on Friday after Britain voted to leave the European Union, while sterling suffered a record one-day plunge to a 31-year low and money poured into safe-haven gold and government bonds.
By Sam Forgione NEW YORK (Reuters) - Sterling edged off lows against the U.S. dollar on Friday, recovering slightly from a 10 percent plunge to its weakest in 31 years following Britain's vote to leave the European Union, on reassuring statements from central banks. Sterling was last down 8.1 percent against the dollar, at $1.3662, after touching its weakest since before the 1985 Plaza Accord of $1.3228. Traders said Bank of England chief Mark Carney's comments that the central bank stood ready to provide extra support helped sterling recover.