On the last trading day of the week, Wall Street finished on a down note with all three major U.S. indices suffering substantial losses.
The main culprits:
- Worry over the “Brexit” vote
- Drop in price of oil
- Lag in financial stocks
In reference to a forthcoming “Brexit” vote later this month in Britain, (whether the UK should leave the European Union) results of a new poll conducted for ‘The Independent’ newspaper showed:
“55% of UK voters intend to vote for Britain to leave the EU in the June 23rd referendum”
The results of the poll only increase the fear among those who want to remain in the EU, that their campaign is losing ground among Labour Party supporters, who are seen as critical to securing victory for Britain to stay in the European Union.
To add insult to injury, one of the world’s most successful money managers delivered a new “economic warning to the world.”
Peter Schiff, who is the CEO of Euro Pacific Capital, appeared on CNBC earlier this week and warned that America will face an economic “currency crisis” that will be much bigger than any financial crisis.
Here are the final numbers from Friday, June 10th on Wall Street:
Dow Jones Industrial Average: 17,865.34 (-119.85 / -0.67%)
NASDAQ: 4,894.55 (-64.07/ -1.29%)
S&P 500: 2,096.07 (-19.41/ -0.92%)