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…

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