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US: Stocks join global selloff as 'Brexit' fears mount

Saturday, June 11, 2016 - 07:44
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[NEW YORK] US stocks joined a world equity selloff Friday on global growth fears and anxiety about the upcoming British vote on exiting the European Union.

Especially hard-hit sectors included banks, which faltered on diving yields on bonds issued by the US and other governments, and energy, which suffered due to falling oil prices.

Analysts said global growth worries have been exacerbated by the June 23 "Brexit" vote in Britain, with some new polls showing gains for the "leave" faction.

"People are rushing to safety... prompted by fears of the British referendum," said Peter Cardillo, chief market economist at First Standard Financial.

At the closing bell, the Dow Jones Industrial Average stood at 17,867.33, down 0.7 per cent.

The broad-based S&P 500 dropped 0.9 per cent to 2,096.19, while the tech-rich Nasdaq Composite Index fell 1.3 per cent to 4,895.24.

AFP