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S&P 500 could drop as much as 7% in Brexit swoon
“Keep a stiff upper lip” is a phrase often used by Brits to express fortitude and stoicism during times of distress. U.S. investors may need to borrow the cliché next week as uncertainty and volatility are likely to reign in the stock market. Defying expectations, the U.K. on Thursday voted to leave the European Union—the first country to do so in the bloc’s 59-year history—and sent investors around the world into panic mode. Both the large-cap and the blue-chip U.S. indexes had their worst session on Friday since Aug. 24 with the S&P 500 SPX, -3.59% falling 75.91 points, or 3.6%, to close at 2,037.41, ... (full story)
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