Stock Market Decides Brexit Only Twice As Bad As Obama’s Re-Election
The Dow Jones Industrial Average ended Friday down 610 points, or about 3.3 percent, a drop linked to uncertainty created by the U.K.’s vote to leave the European Union.
The S&P 500, meanwhile, dropped about 76 points, or 3.6 percent. While a big fall, the decline was only about twice as bad as the one caused by President Barack Obama’s re-election in 2012.
On Nov. 7, 2012, one day after Obama triumphed over Mitt Romney and returned to the White House, the Dow dropped by 313 points, or 2.4 percent. The S&P was slightly better with a 2.3 percent drop.
While the 610-point decline is large, it’s only the eighth-largest drop in the Dow’s history in raw terms. In percentage terms, it isn’t even close to being one of the largest drops.
The markets got over Obama’s win soon enough, and the Dow is now perched over 4,000 points above where it was in 2012. (RELATED: What Post-Brexit Britain Will Look Like)
In the wake of the Brexit win, critics have focused on the allegedly catastrophic economic effects it could have. But British markets appear to have mostly taken the news in stride, with the country’s FTSE 100 index actually finishing up two percent for the week despite a big dip Friday. The larger FTSE 250 index declined by a larger amount and ended up down for the week.
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