A record $2.1 trillion was wiped out from global markets on
Friday. That means more money vaporized as a result of the Brexit crash than
any single market day ever, according to S&P Dow Jones Indices.
It eclipses the $1.9 trillion that was erased on September
29, 2008 when the U.S. Congress infamously voted down the Wall Street bailout.
The larger losses in the Brexit fallout partially reflect the fact that markets
are retreating from higher levels these days.
The Brexit pain deepened on Monday as the Dow slumped another
300 points and European stock markets shed 2% or more.
The dramatic market reaction is a reflection of the deep
uncertainties caused by the U.K. referendum to leave the European Union, which
completely caught investors off guard.
"Brexit is an immensely complicated problem with effects
on the political, economic and financial environment," David Kelly, chief
global strategist at JPMorgan Funds, wrote in a note on Monday.
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