MARKET SNAPSHOT: Dow Industrials Drop 113 Points As Brexit Fears Grow
June 16 2016 - 10:00AM
Dow Jones News
By Ellie Ismailidou and Sara Sjolin, MarketWatch
Consumer Price Index misses expectations; BOE, BOJ leave rates
unchanged
U.S. stocks opened lower Thursday--on track for their sixth
straight daily drop and the longest losing streak since
February--after the Federal Reserve, the Bank of England and the
Bank of Japan raised concerns about next week's so-called Brexit
referendum.
U.K. voters head to the polls on June 23 to decide whether to
remain a member of the European Union. Economists and market
strategists say an "out" vote could instigate widespread turmoil in
global markets.
Adding to the bearish sentiment was a sharp drop in oil prices,
along with news that a reading on U.S. inflation missed
expectations
(http://www.marketwatch.com/story/us-inflation-climb-02-in-may-cpi-shows-2016-06-16),
while initial jobless claims rose
(http://www.marketwatch.com/story/jobless-claims-rise-13000-to-277000-2016-06-16).
The S&P 500 shed 13 points, or 0.6%, to 2,058, led by a 1.1%
drop in energy shares and a 1% drop in financial shares. The
utilities and consumer-staples sectors, which are traditionally
viewed as safety plays in times of market turmoil, were the only
sectors in positive territory, up 0.4% and less than 0.1%
respectively.
The Dow Jones Industrial Average lost 113 points, or 0.6%, to
17,525, led by a 2% drop in Nike Inc. (NKE) and a 1.8% drop in
Goldman Sachs Group Inc.(GS). Merck & Co. Inc. (MRK) was
leading the gains, up 0.5%.
The Nasdaq Composite slid 34 points, or 0.5%, to 4,812.
(END) Dow Jones Newswires
June 16, 2016 09:45 ET (13:45 GMT)
Copyright (c) 2016 Dow Jones & Company, Inc.
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