The Dow Jones Industrial average plunged 500 points on Friday morning—the index’s biggest drop in 10 months — as markets around the world reacted to a vote by citizens of the United Kingdom to leave the European Union.
The Dow fell as much as 538.27 points and the S&P 500 dropped as much as 58.49 points in the first minutes of trading. The Dow Jones index recovered somewhat and was down about 375 points shortly after 10 a.m. E.T.
As America woke up to the news of the economic fallout following the UK’s vote, Wall Street girded itself for what could potentially be the biggest market-moving day since the 2008 global financial crisis…
More Must-Reads from TIME
- Why Trump’s Message Worked on Latino Men
- What Trump’s Win Could Mean for Housing
- The 100 Must-Read Books of 2024
- Sleep Doctors Share the 1 Tip That’s Changed Their Lives
- Column: Let’s Bring Back Romance
- What It’s Like to Have Long COVID As a Kid
- FX’s Say Nothing Is the Must-Watch Political Thriller of 2024
- Merle Bombardieri Is Helping People Make the Baby Decision
Contact us at letters@time.com