International markets hit hard by ‘Brexit’ vote

U.S. stock markets are also feeling the strain after Britain officially voted to leave the European union. (CBS News)

NEW YORK CITY, NY (AP) — The latest on developments in global financial markets (all times local):

11:45 a.m.

Global stocks and the pound are plunging after Britons voted to leave the European Union.

The Dow Jones industrial average dropped 464 points, or 2.6 percent, to 17,547 in midday trading Friday.

The Standard & Poor’s 500 index fell 55 points, or 2.7 percent, to 2,056. The Nasdaq composite sank 153 points, or 3.2 percent, to 4,755.

It was the biggest drop for U.S. stocks since September.

European markets fell even more. France’s benchmark index lost 8 percent and Britain’s fell 3 percent.

The British pound plummeted to a 31-year low.

Bond prices rose sharply as investors sought safety.

The yield on the 10-year Treasury note dropped to 1.57 percent from 1.75 percent a day earlier, a huge move.

The price of gold jumped 5 percent to $1,322 an ounce.

___
    
9:35 a.m.

U.S. stocks are plunging in early trading after Britons voted to leave the European Union.

The Dow Jones industrial average dropped 500 points, or 2.8 percent, to 17,515 in the first few minutes of trading Friday.

The Standard & Poor’s 500 index fell 57 points, or 2.7 percent, to 2,056x. The Nasdaq composite sank 158 points, or 3.2 percent, to 4,751.

It was the biggest drop for U.S. stocks since September.

European markets fell even more. France’s benchmark index lost 8 percent and Britain’s fell 4 percent.

The British pound plummeted to a 31-year low.

Bond prices rose sharply. The yield on the 10-year Treasury note dropped to 1.56 percent from 1.75 percent a day earlier, a huge move.

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